| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12510 |
| DP12510 When is foreign exchange intervention effective? Evidence from 33 countries | |
| LUCIO SARNO; Marcel Fratzscher; Lukas Menkhoff; Tobias Stöhr | |
| 发表日期 | 2017-12-14 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | This paper examines foreign exchange intervention based on novel daily data covering 33 countries from 1995 to 2011. We find that intervention is widely used and an effective policy tool, with a success rate in excess of 80 percent under some criteria. The policy works well in terms of smoothing the path of exchange rates, and in stabilizing the exchange rate in countries with narrow band regimes. Moving the level of the exchange rate in flexible regimes requires that some conditions are met, including the use of large volumes and that intervention is made public and supported via communication. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Foreign exchange intervention Exchange rate regimes Effectiveness measures Communication |
| URL | https://cepr.org/publications/dp12510 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/541321 |
| 推荐引用方式 GB/T 7714 | LUCIO SARNO,Marcel Fratzscher,Lukas Menkhoff,et al. DP12510 When is foreign exchange intervention effective? Evidence from 33 countries. 2017. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
