| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w9648 |
| 来源ID | Working Paper 9648 |
| Effectiveness of Official Daily Foreign Exchange Market Intervention Operations in Japan | |
| Rasmus Fatum; Michael Hutchison | |
| 发表日期 | 2003-04-28 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | Japanese official intervention in the foreign exchange market is of by far the largest magnitude in the world, despite little or no evidence that it is effective in moving exchange rates. This paper investigates the effectiveness of intervention using recently published Japanese official daily data and an event study methodology. Focusing on daily Japanese and US official intervention operations, we identify separate intervention episodes' and analyze the subsequent effect on the exchange rate. Using the non-parametric sign test and matched-sample test, we find strong evidence that sterilized intervention systemically affects the exchange rate in the short-run (less than one month). This result holds even when intervention is not associated with (simultaneous) interest rate changes, whether or not intervention is secret' (in the sense of no official reports or rumors of intervention reported over the newswires), and against other robustness checks. Large-scale (amounts over $1 billion) intervention, coordinated with the Bank of Japan and the Federal Reserve working in unison, give the highest success rate |
| 主题 | International Economics ; International Finance |
| URL | https://www.nber.org/papers/w9648 |
| 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/567272 |
| 推荐引用方式 GB/T 7714 | Rasmus Fatum,Michael Hutchison. Effectiveness of Official Daily Foreign Exchange Market Intervention Operations in Japan. 2003. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w9648.pdf（904KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 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。
