| 来源类型 | Working Paper
|
| 规范类型 | 报告
|
| DOI | 10.3386/w3192
|
| 来源ID | Working Paper 3192
|
| Market Responses To Coordinated Central Bank Intervention |
| Kathryn M. Dominguez
|
| 发表日期 | 1989-12-01
|
| 出版年 | 1989
|
| 语种 | 英语
|
| 摘要 | 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. |
| 主题 | International Economics
|
| URL | https://www.nber.org/papers/w3192
|
| 来源智库 | National Bureau of Economic Research (United States)
|
| 引用统计 |
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/560478
|
推荐引用方式
GB/T 7714 |
Kathryn M. Dominguez. Market Responses To Coordinated Central Bank Intervention. 1989.
|
|
文件名：
|
w3192.pdf
|
|
格式：
|
Adobe PDF
|
此文件暂不支持浏览
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。
