The Yen-Dollar Rate : Have Interventions Mattered? /

Using daily data for 1995-99, this paper estimates a simple forward looking model of the exchange rate to show that foreign exchange interventions have, on the whole, had small but persistent effects on the yen-dollar rate. Contrary to conventional wisdom, sterilized interventions have mattered. Con...

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Λεπτομέρειες βιβλιογραφικής εγγραφής
Κύριος συγγραφέας: Ramaswamy, Ramana
Άλλοι συγγραφείς: Samiei, Hossein
Μορφή: Επιστημονικό περιοδικό
Γλώσσα:English
Έκδοση: Washington, D.C. : International Monetary Fund, 2000.
Σειρά:IMF Working Papers; Working Paper ; No. 2000/095
Διαθέσιμο Online:Full text available on IMF
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100 1 |a Ramaswamy, Ramana. 
245 1 4 |a The Yen-Dollar Rate :   |b Have Interventions Mattered? /  |c Ramana Ramaswamy, Hossein Samiei. 
264 1 |a Washington, D.C. :  |b International Monetary Fund,  |c 2000. 
300 |a 1 online resource (25 pages) 
490 1 |a IMF Working Papers 
500 |a <strong>Off-Campus Access:</strong> No User ID or Password Required 
500 |a <strong>On-Campus Access:</strong> No User ID or Password Required 
506 |a Electronic access restricted to authorized BRAC University faculty, staff and students 
520 3 |a Using daily data for 1995-99, this paper estimates a simple forward looking model of the exchange rate to show that foreign exchange interventions have, on the whole, had small but persistent effects on the yen-dollar rate. Contrary to conventional wisdom, sterilized interventions have mattered. Consistent with conventional wisdom, coordinated interventions have a higher probability of success and move the yen-dollar rate by a larger margin than unilateral interventions. A probit model indicates that both an excessive appreciation and depreciation of the yen provoke interventions, and that interventions occur in clusters-if there is one today, there will likely be another tomorrow. 
538 |a Mode of access: Internet 
700 1 |a Samiei, Hossein. 
830 0 |a IMF Working Papers; Working Paper ;  |v No. 2000/095 
856 4 0 |z Full text available on IMF  |u http://elibrary.imf.org/view/journals/001/2000/095/001.2000.issue-095-en.xml  |z IMF e-Library