| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w9875 |
| 来源ID | Working Paper 9875 |
| When Do Central Bank Interventions Influence Intra-Daily and Longer-Term Exchange Rate Movements? | |
| Kathryn M.E. Dominguez | |
| 发表日期 | 2003-07-28 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | This paper examines dollar interventions by the G3 governments since 1989, and the reasons that trader reactions to these interventions might differ over time and across central banks. Market microstructure theory provides a framework for understanding the process by which sterilized central bank interventions are observed and interpreted by traders, and how this process, in turn, might influence exchange rates. Using intra-daily and daily exchange rate and intervention data, the paper analyzes the influence of interventions on exchange rate volatility, finding evidence of both within day and daily impact effects, but little evidence that interventions increase longer-term volatility. |
| 主题 | International Economics ; International Finance ; Financial Economics ; Financial Markets |
| URL | https://www.nber.org/papers/w9875 |
| 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/567500 |
| 推荐引用方式 GB/T 7714 | Kathryn M.E. Dominguez. When Do Central Bank Interventions Influence Intra-Daily and Longer-Term Exchange Rate Movements?. 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 | ||
| w9875.pdf（258KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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