Market Responses To Coordinated Central Bank Intervention
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Market Responses To Coordinated Central Bank Intervention
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Author : Kathryn M. Dominguez
language : en
Publisher:
Release Date : 1989
Market Responses To Coordinated Central Bank Intervention written by Kathryn M. Dominguez and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with Banks and banking categories.
The scale of unilateral and coordinated intervention in the foreign exchange market by the G-5 countries has become considerably larger over the last few years, following a period in which official U.S. policy was opposed to intervention. This paper examines market responses to official sterilized central bank intervention policy over the period 1985 through 1987. The efficacy of sterilized intervention is hypothesized to depend on the market's belief that central banks both have "inside" information about future monetary policy and the incentive to reveal that information truthfully through intervention signals. Central banks may agree to coordinate their intervention operations in order to influence the market's perception of the relative importance and credibility of own signals. Market responses to intervention over the period 1985 through 1987 are examined econometrically using heretofore unavailable daily data on G-3 unilateral and coordinated intervention operations. The empirical evidence indicates that: (1) even though daily intervention data are not published, market participants were generally able to comtemporaneously observe the source and magnitude of central bank intervention operations, (2) unilateral intervention significantly influenced market expectations in some periods, and (3) coordinated intervention had a significantly different and longer-term influence on market expectations than did unilateral intervention over the three year period examined.
Foreign Exchange Intervention
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Author : Sylvester C. W. Eijffinger
language : en
Publisher: Edward Elgar Publishing
Release Date : 1998
Foreign Exchange Intervention written by Sylvester C. W. Eijffinger and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Banks and banking, Central categories.
Brings together articles first published in various journals from the 1970s through the 1990s, in sections on the objectives of foreign exchange intervention, the effectiveness of foreign exchange intervention and the portfolio-balance and expectations channel, and new approaches to foreign exchange intervention involving technical analysis, private information, and game-theoretic models. Specific topics include exchange rate policy in Japan, the effects of sterilized intervention, market responses to coordinated central bank intervention, and the London foreign exchange market. Annotation copyrighted by Book News, Inc., Portland, OR
The Effectiveness Of Central Bank Intervention
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Author : Hali J. Edison
language : en
Publisher:
Release Date : 1993
The Effectiveness Of Central Bank Intervention written by Hali J. Edison and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Business & Economics categories.
Market Responses To Coordinated Central Bank Intervention
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Author : Kathryn M. Dominguez
language : en
Publisher:
Release Date : 1989
Market Responses To Coordinated Central Bank Intervention written by Kathryn M. Dominguez and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with Banks and banking categories.
The scale of unilateral and coordinated intervention in the foreign exchange market by the G-5 countries has become considerably larger over the last few years, following a period in which official U.S. policy was opposed to intervention. This paper examines market responses to official sterilized central bank intervention policy over the period 1985 through 1987. The efficacy of sterilized intervention is hypothesized to depend on the market's belief that central banks both have "inside" information about future monetary policy and the incentive to reveal that information truthfully through intervention signals. Central banks may agree to coordinate their intervention operations in order to influence the market's perception of the relative importance and credibility of own signals. Market responses to intervention over the period 1985 through 1987 are examined econometrically using heretofore unavailable daily data on G-3 unilateral and coordinated intervention operations. The empirical evidence indicates that: (1) even though daily intervention data are not published, market participants were generally able to comtemporaneously observe the source and magnitude of central bank intervention operations, (2) unilateral intervention significantly influenced market expectations in some periods, and (3) coordinated intervention had a significantly different and longer-term influence on market expectations than did unilateral intervention over the three year period examined.
Observations On U S Japanese And German Forex Interventions 1973 2004
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Author : Dhruv Sharma
language : en
Publisher: Dhruv Sharma
Release Date : 2017-11-28
Observations On U S Japanese And German Forex Interventions 1973 2004 written by Dhruv Sharma and has been published by Dhruv Sharma this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-11-28 with Business & Economics categories.
This book documents, observes, and models the 'trial and error' period following Bretton Woods Collapse of Foreign Exchange Interventions by the G-3 Advanced Economies. The book serves as a narration and analytical reader for Exchange Rate Intervention Economics for this period of 1973 to 2004.
Market Volatility And Foreign Exchange Intervention In Emes
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Author : Banco de Pagos Internacionales (Basilea, Suiza). Departamento Monetario y Económico
language : es
Publisher:
Release Date : 2013
Market Volatility And Foreign Exchange Intervention In Emes written by Banco de Pagos Internacionales (Basilea, Suiza). Departamento Monetario y Económico and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Banks and banking, Central categories.
The Federal Reserve System Purposes And Functions
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Author : Board of Governors of the Federal Reserve System
language : en
Publisher:
Release Date : 2002
The Federal Reserve System Purposes And Functions written by Board of Governors of the Federal Reserve System and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Banks and Banking categories.
Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.
Exchange Rate Efficiency And The Behavior Of International Asset Markets Routledge Revivals
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Author : Kathryn Dominguez
language : en
Publisher: Routledge
Release Date : 2014-10-20
Exchange Rate Efficiency And The Behavior Of International Asset Markets Routledge Revivals written by Kathryn Dominguez and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-10-20 with Business & Economics categories.
This book, first published in 1992, examines the subject of foreign exchange market efficiency and, in particular, the effectiveness of central bank intervention in the market. This book is ideal for students of economics.
The Economics Of Exchange Rates
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Author : Lucio Sarno
language : en
Publisher: Cambridge University Press
Release Date : 2003-01-09
The Economics Of Exchange Rates written by Lucio Sarno and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-01-09 with Business & Economics categories.
In the last few decades exchange rate economics has seen a number of developments, with substantial contributions to both the theory and empirics of exchange rate determination. Important developments in econometrics and the increasingly large availability of high-quality data have also been responsible for stimulating the large amount of empirical work on exchange rates in this period. Nonetheless, while our understanding of exchange rates has significantly improved, a number of challenges and open questions remain in the exchange rate debate, enhanced by events including the launch of the Euro and the large number of recent currency crises. This volume provides a selective coverage of the literature on exchange rates, focusing on developments from within the last fifteen years. Clear explanations of theories are offered, alongside an appraisal of the literature and suggestions for further research and analysis.
Dollar Overvaluation And The World Economy
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Author : C. Fred Bergsten
language : en
Publisher: Columbia University Press
Release Date : 2003-02-24
Dollar Overvaluation And The World Economy written by C. Fred Bergsten and has been published by Columbia University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-02-24 with Business & Economics categories.
The dollar rose by about 35 percent in real terms from 1995 through the end of 2001, supporting the booming US economy of the late 1990s but pushing the current account deficit to a record high of almost 5 percent of GDP. This special report provides alternative views of how large a dollar depreciation would be needed to restore a sustainable position (Jim O'Neill, Michael Rosenberg, and Catherine Mann), analyzes the impact of currency misalignments on each of the three major economies (Martin Baily for the United States, William Cline for Japan, and Daniel Gros for Euroland), and discusses the role of exchange market intervention in addressing the issues (Kathryn Dominguez, Edwin M. Truman, and Ernest Preeg).