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Does Foreign Exchange Intervention Work? - Kathryn Dominguez,Jeffrey Frankel

englanti
1993-09-01
29,09 € 38,78 €

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Toimitus 10-16 arkipäivässä

30 päivän palautusoikeus

How much impact on exchange rates do central banks have when they buy and sell currencies? According to many analysts, such intervention has no independent impact. This book challenges the conventional wisdom, demonstrating that such intervention can be an effective and extremely important tool for policymakers. Using previously unavailable daily intervention data from the US Federal Reserve and German Bund ... Täydellinen kuvaus

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How much impact on exchange rates do central banks have when they buy and sell currencies? According to many analysts, such intervention has no independent impact. This book challenges the conventional wisdom, demonstrating that such intervention can be an effective and extremely important tool for policymakers. Using previously unavailable daily intervention data from the US Federal Reserve and German Bundesbank, the authors show that even "sterilized" intervention -intervention that entails no corresponding changes in monetary policy- has a significant effect. A key element is whether the intervention is known to the public: widespread market awareness of the activity adds substantially to its payoff. Authors Dominguez and Frankel draw implications for intervention policy and its role in international economic policy coordination.

Lisätietoja

Kirjoittaja Kathryn Dominguez, Jeffrey Frankel
Julkaisija Peterson Institute for International Economics
Julkaisuvuosi 1993
Kannen tyyppi Pehmeäkantinen
EAN 9780881321043
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Arvostelet: Does Foreign Exchange Intervention Work?
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29,09 € 38,78 €