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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| Main Author: | |
|---|---|
| Other Authors: | , |
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Paris
OECD Publishing
2014
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| Series: | OECD Development Centre Working Papers
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| Subjects: | |
| Links: | https://doi.org/10.1787/5jxwwfmxfdth-en |
| Summary: | 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 |
| Physical Description: | 1 Online-Ressource (31 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/5jxwwfmxfdth-en |
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| illustrated | Not Illustrated |
| indexdate | 2025-01-11T15:45:40Z |
| institution | BVB |
| language | English |
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| physical | 1 Online-Ressource (31 Seiten) 21 x 29.7cm |
| psigel | ZDB-13-SOC |
| publishDate | 2014 |
| publishDateSearch | 2014 |
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| publisher | OECD Publishing |
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| 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_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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