01774cas a2200253 a 4500 AALejournalIMF007719 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451851816 1018-5941 BD-DhAAL BD-DhAAL Ramaswamy, Ramana. The Yen-Dollar Rate : Have Interventions Mattered? / Ramana Ramaswamy, Hossein Samiei. Washington, D.C. : International Monetary Fund, 2000. 1 online resource (25 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Using daily data for 1995-99, this paper estimates a simple forward looking model of the exchange rate to show that foreign exchange interventions have, on the whole, had small but persistent effects on the yen-dollar rate. Contrary to conventional wisdom, sterilized interventions have mattered. Consistent with conventional wisdom, coordinated interventions have a higher probability of success and move the yen-dollar rate by a larger margin than unilateral interventions. A probit model indicates that both an excessive appreciation and depreciation of the yen provoke interventions, and that interventions occur in clusters-if there is one today, there will likely be another tomorrow. Mode of access: Internet Samiei, Hossein. IMF Working Papers; Working Paper ; No. 2000/095 Full text available on IMF http://elibrary.imf.org/view/journals/001/2000/095/001.2000.issue-095-en.xml IMF e-Library