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Weltwirtschaftliches Archiv

, Volume 127, Issue 4, pp 645–677 | Cite as

Empirical evidence on foreign exchange market intervention: Where do we stand?

  • Geert J. Almekinders
  • Sylvester C. W. Eijffinger
Articles

Keywords

Exchange Rate Monetary Policy Central Bank Foreign Exchange Real Exchange Rate 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

Zusammenfassung

Empirische Befunde zur Intervention auf den DevisenmÄrkten. Wie ist der Stand der Dinge? — Die Autoren geben einen überblick über 15 empirische Studien, in denen die Ziele untersucht werden, die die Zentralbanken bei ihren Interventionen auf den DevisenmÄrkten verfolgen. Die neueren Studien gehen über die übliche Verifikation des “leaning against the wind”-Verhaltens hinaus. Es zeigt sich, da\ die interventionistischen Reaktionen davon abhÄngen, ob sich eine WÄhrung aufoder abwertet und ob sie im Vergleich zur KaufkraftparitÄt überoder unterbewertet ist. Au\erdem werden zehn empirische Studien, die die Wirksamkeit von Interventionen untersuchen, betrachtet. Anscheinend haben nur Interventionen mit einem ausreichenden Informationsgehalt eine Chance, den Wechselkurs zu beeinflussen.

Résumé

Des preuves empiriques sur l'intervention au marché des changes: où est-ce que nous nous trouvons? — Dans cette étude les auteurs font un aperÇu de 15 études empiriques exécutées pour déterminer quels buts les banques centrales ont poursuivi avec leurs interventions au marché des changes. Les études les plus récentes ont réalisé plus que la vérification du comportement «leaning against the wind». On trouve que les réactions des banques centrales en faÇon d'une intervention dépendent de la direction que le cours du change va prendre (réévaluation ou déévaluation) et de la disparité entre le cours du change et la parité du pouvoir d'achat. En plus on a réexaminé 10 analyses empiriques concernant l'efficacité de l’intervention. Seulement les interventions qui contiennent beaucoup de nouvelles semblent avoir une chance d'influencer le taux de change.

Resumen

Evidencia empirica de la intervención en el mercado de cambios: ¿dónde estamos parados? — Este trabajo pasa revista a quince estudios empiricos que han sido llevados a cabo con el fin de determinar qué objetivos persiguem los bancos centrales con sus intervenciones en el mercado de cambios. Los estudios mas recientes van más alla de la usual verificación de un actividad “en contra del viento”. La respuesta en forma de intervención resullta depender de si una moneda se encuentra en una revaluation o en una devaluación y de si esta subo sobrevaluada con respecto a la paridad del poder de compra. Además, se revisan diez investigaciones empiricas sobre la efectividad de la intervención. Sólo intervenciones que incorporan un contenido de informaciones suficiente parecen tener una oportunidad de afectar a la tasa de cambio.

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Copyright information

© Institut fur Weltwirtschaft an der Universitat Kiel 1991

Authors and Affiliations

  • Geert J. Almekinders
  • Sylvester C. W. Eijffinger

There are no affiliations available

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