Factors Influencing Emerging Market Central Banks' Decision to Intervene in Foreign Exchange Markets /
Using panel data for 15 economies from 2001-12, I identify determinants of central bank foreign exchange intervention in emerging markets ('EMs') with flexible to moderately managed exchange rates. Similar to other studies, I find that central banks tend to 'lean against the wind,...
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| Médium: | Časopis |
| Jazyk: | English |
| Vydáno: |
Washington, D.C. :
International Monetary Fund,
2013.
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| Edice: | IMF Working Papers; Working Paper ;
No. 2013/070 |
| On-line přístup: | Full text available on IMF |
| Shrnutí: | Using panel data for 15 economies from 2001-12, I identify determinants of central bank foreign exchange intervention in emerging markets ('EMs') with flexible to moderately managed exchange rates. Similar to other studies, I find that central banks tend to 'lean against the wind,' buying/selling more foreign exchange in response to greater short-run and medium-run appreciation/depreciation pressures. The panel structure provides a framework to test whether other macroeconomic variables influence the different rates of reserve accumulation between economies. In testing other variables, I find evidence of both precautionary and external competitiveness motives for reserve accumulation. |
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| Popis jednotky: | <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required |
| Fyzický popis: | 1 online resource (28 pages) |
| Médium: | Mode of access: Internet |
| ISSN: | 1018-5941 |
| Přístup: | Electronic access restricted to authorized BRAC University faculty, staff and students |