| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w24463
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| 来源ID | Working Paper 24463
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| Foreign Exchange Intervention Redux |
| Roberto Chang
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| 发表日期 | 2018-04-02
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| 出版年 | 2018
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| 语种 | 英语
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| 摘要 | Received wisdom posits that sterilized foreign exchange intervention can be effective by altering the currency composition of assets held by the public. This paper proposes an alternative channel: sterilized intervention may (or may not) have real effects because it changes the net credit position of the central bank vis a vis financial intermediaries, thereby affecting external debt limits. This argument is developed in the context of an open economy model with domestic banks subject to occasionally binding collateral constraints. Intervention has real effects if and only if it occurs when the constraints bind; at such times, a sterilized sale of official reserves relaxes the constraints by reducing the central bank's debt to domestic banks, freeing resources for the latter to increase the supply of credit to domestic agents. The analysis yields several noteworthy implications for intervention policy, official reserves accumulation, and the interaction between intervention and monetary policy. |
| 主题 | Macroeconomics
; Monetary Policy
; International Economics
; International Finance
; International Macroeconomics
|
| URL | https://www.nber.org/papers/w24463
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/582137
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推荐引用方式
GB/T 7714 |
Roberto Chang. Foreign Exchange Intervention Redux. 2018.
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文件名：
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w24463.pdf
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格式：
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Adobe PDF
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