Unveiling the Effects of Foreign Exchange Intervention : A Panel Approach /

We study the effect of foreign exchange intervention on the exchange rate relying on an instrumental-variables panel approach. We find robust evidence that intervention affects the level of the exchange rate in an economically meaningful way. A purchase of foreign currency of 1 percentage point of G...

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Detaylı Bibliyografya
Yazar: Adler, Gustavo
Diğer Yazarlar: Lisack, Noemie, Mano, Rui
Materyal Türü: Dergi
Dil:English
Baskı/Yayın Bilgisi: Washington, D.C. : International Monetary Fund, 2015.
Seri Bilgileri:IMF Working Papers; Working Paper ; No. 2015/130
Online Erişim:Full text available on IMF
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100 1 |a Adler, Gustavo. 
245 1 0 |a Unveiling the Effects of Foreign Exchange Intervention :   |b A Panel Approach /  |c Gustavo Adler, Noemie Lisack, Rui Mano. 
264 1 |a Washington, D.C. :  |b International Monetary Fund,  |c 2015. 
300 |a 1 online resource (42 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 We study the effect of foreign exchange intervention on the exchange rate relying on an instrumental-variables panel approach. We find robust evidence that intervention affects the level of the exchange rate in an economically meaningful way. A purchase of foreign currency of 1 percentage point of GDP causes a depreciation of the nominal and real exchange rates in the ranges of [1.7-2.0] percent and [1.4-1.7] percent respectively. The effects are found to be quite persistent. The paper also explores possible asymmetric effects, and whether effectiveness depends on the depth of domestic financial markets. 
538 |a Mode of access: Internet 
700 1 |a Lisack, Noemie. 
700 1 |a Mano, Rui. 
830 0 |a IMF Working Papers; Working Paper ;  |v No. 2015/130 
856 4 0 |z Full text available on IMF  |u http://elibrary.imf.org/view/journals/001/2015/130/001.2015.issue-130-en.xml  |z IMF e-Library