全球智库信息集成服务系统(G2TT): Japanese Foreign Exchange Interventions, 1971-2018: Estimating a Reaction Function Using the Best Proxy

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w26644
来源ID	Working Paper 26644
	Japanese Foreign Exchange Interventions, 1971-2018: Estimating a Reaction Function Using the Best Proxy
	Takatoshi Ito; Tomoyoshi Yabu
发表日期	2020-01-13
出版年	2020
语种	英语
摘要	We analyze the history of Japanese foreign exchange interventions from 1971 to 2018. First, we provide the best proxy for monthly interventions for the period from 1971 to 1990, when the intervention timings and amounts were not officially disclosed. The accuracy of the proxy is tested for the period when the statistics were disclosed after 1991. The proxy explains 99.8% of actual settlement-based interventions. Second, we examine conditions under which the Japanese monetary authorities are likely to intervene by estimating a policy reaction function, using the long-term data, spanning the period when intervention data have been officially disclosed and the period where our proxy is available. Third, we analyze intervention timings and amounts for Japan, the US, and Germany. Fourth, we present the episode of international coordination represented by the Plaza and Louvre agreements as a case study of notable interventions during the period.
主题	Macroeconomics ; Monetary Policy ; International Economics ; International Finance ; Financial Economics ; Financial Markets
URL	https://www.nber.org/papers/w26644
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/584318
推荐引用方式 GB/T 7714	Takatoshi Ito,Tomoyoshi Yabu. Japanese Foreign Exchange Interventions, 1971-2018: Estimating a Reaction Function Using the Best Proxy. 2020.

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
w26644.pdf（873KB）	智库出版物		限制开放	CC BY-NC-SA	浏览