文章基本信息

标题：Foreign Exchange Intervention in Emerging Markets: A Survey of Empirical Studies
本地全文：下载
作者：Lukas Menkhoff
期刊名称：Diskussionspapiere / Universität Hannover
印刷版ISSN：0949-9962
出版年度：2012
卷号：2012
出版社：Hannover
摘要：Nowadays foreign exchange interventions occur in emerging market economies whereas em-pirical studies on interventions mainly refer to advanced economies. However, interventions in emerging markets are different from those in advanced economies: they occur "regularly" and central banks have considerable leverage, derived from relatively high reserves, some non-sterilization, the central bank's information advantage and capital controls. Consequently, these interventions often successfully impact the level and volatility of exchange rates. Never-theless, more research on interventions in emerging markets is needed analyzing the influence of heterogeneous institutional circumstances, examining the role of central bank communica-tion and using high-frequency data
关键词：foreign exchange; central bank intervention; emerging markets; trans-;mission channels