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Does Foreign Exchange Intervention Work?

Does Foreign Exchange Intervention Work?

by Kathryn Dominguez and Jeffrey Frankel
Paperback
Age range: 22+ years old Publication Date: 01/09/1993

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How much impact on exchange rates do central banks have when they buy and sell currencies? According to many analysts, such intervention has no independent impact. This book challenges the conventional wisdom, demonstrating that such intervention can be an effective and extremely important tool for policymakers. Using previously unavailable daily intervention data from the US Federal Reserve and German Bundesbank, the authors show that even "sterilized" intervention -intervention that entails no corresponding changes in monetary policy- has a significant effect. A key element is whether the intervention is known to the public: widespread market awareness of the activity adds substantially to its payoff. Authors Dominguez and Frankel draw implications for intervention policy and its role in international economic policy coordination.
ISBN:
9780881321043
9780881321043
Category:
Political economy
Age range:
22+ years old
Format:
Paperback
Publication Date:
01-09-1993
Language:
English
Publisher:
Peterson Institute for International Economics
Country of origin:
United States
Dimensions (mm):
23x15.5x1mm
Weight:
0.25kg

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