On the Effectiveness of Exchange Rate Interventions in Emerging Markets:
We analyse the effectiveness of exchange rate interventions for a panel of 18 emerging market economies during the period 2003-11. Using an error-correction model approach, we find that on average intervention is effective in moving the real exchange rate in the desired direction, controlling for de...
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| Weitere Verfasser: | , |
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2014
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| Schriftenreihe: | OECD Development Centre Working Papers
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| Schlagworte: | |
| Online-Zugang: | UBA01 UBG01 UEI01 UER01 UPA01 UBR01 UBW01 FFW01 FNU01 EUV01 FRO01 FHR01 FHN01 TUM01 FHI01 UBM01 Volltext |
| Zusammenfassung: | We analyse the effectiveness of exchange rate interventions for a panel of 18 emerging market economies during the period 2003-11. Using an error-correction model approach, we find that on average intervention is effective in moving the real exchange rate in the desired direction, controlling for deviations from the equilibrium and short-term changes in fundamentals and global financial variables. Our results are robust to different samples and estimation methods. We find little evidence of asymmetries in the effect of sales and purchases, but some evidence of more effective interventions for large deviations from the equilibrium. We also explore differences across countries according to the possible transmission channels and nature of some global shocks |
| Beschreibung: | 1 Online-Ressource (31 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/5jxwwfmxfdth-en |
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| index_date | 2024-07-03T19:35:00Z |
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| spelling | Daude, Christian Verfasser aut On the Effectiveness of Exchange Rate Interventions in Emerging Markets Christian Daude, Eduardo Levy Yeyati and Arne Nagengast Paris OECD Publishing 2014 1 Online-Ressource (31 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Development Centre Working Papers We analyse the effectiveness of exchange rate interventions for a panel of 18 emerging market economies during the period 2003-11. Using an error-correction model approach, we find that on average intervention is effective in moving the real exchange rate in the desired direction, controlling for deviations from the equilibrium and short-term changes in fundamentals and global financial variables. Our results are robust to different samples and estimation methods. We find little evidence of asymmetries in the effect of sales and purchases, but some evidence of more effective interventions for large deviations from the equilibrium. We also explore differences across countries according to the possible transmission channels and nature of some global shocks Development Levy Yeyati, Eduardo ctb Nagengast, Arne ctb https://doi.org/10.1787/5jxwwfmxfdth-en Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Daude, Christian On the Effectiveness of Exchange Rate Interventions in Emerging Markets Development |
| title | On the Effectiveness of Exchange Rate Interventions in Emerging Markets |
| title_auth | On the Effectiveness of Exchange Rate Interventions in Emerging Markets |
| title_exact_search | On the Effectiveness of Exchange Rate Interventions in Emerging Markets |
| title_exact_search_txtP | On the Effectiveness of Exchange Rate Interventions in Emerging Markets |
| title_full | On the Effectiveness of Exchange Rate Interventions in Emerging Markets Christian Daude, Eduardo Levy Yeyati and Arne Nagengast |
| title_fullStr | On the Effectiveness of Exchange Rate Interventions in Emerging Markets Christian Daude, Eduardo Levy Yeyati and Arne Nagengast |
| title_full_unstemmed | On the Effectiveness of Exchange Rate Interventions in Emerging Markets Christian Daude, Eduardo Levy Yeyati and Arne Nagengast |
| title_short | On the Effectiveness of Exchange Rate Interventions in Emerging Markets |
| title_sort | on the effectiveness of exchange rate interventions in emerging markets |
| topic | Development |
| topic_facet | Development |
| url | https://doi.org/10.1787/5jxwwfmxfdth-en |
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