Unveiling the effects of foreign exchange intervention : a panel approach /

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Bibliographic Details
Author / Creator:Adler, Gustavo, author.
Imprint:[Washington, D.C.] : International Monetary Fund, Research Department, 2015.
Description:1 online resource (42 pages)
Language:English
Series:IMF working paper, 1018-5941 ; WP/15/130
IMF working paper ; WP/15/130.
Subject:
Format: E-Resource Book
URL for this record:http://pi.lib.uchicago.edu/1001/cat/bib/12504506
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Other authors / contributors:Lisack, Noemie, author.
Mano, Rui C., author.
International Monetary Fund. Research Department.
ISBN:9781513521336
1513521330
1513514865
9781513514864
9781513534602
1513534602
1513512102
9781513512105
9781513514864
Notes:"June 2015."
Summary:"We study the effect of foreign exchange intervention on the exchange rate relying on an instrumental-variables panel approach. We find robust evidence that intervention affects the level of the exchange rate in an economically meaningful way. A purchase of foreign currency of 1 percentage point of GDP causes a depreciation of the nominal and real exchange rates in the ranges of [1.7-2.0] percent and [1.4-1.7] percent respectively. The effects are found to be quite persistent. The paper also explores possible asymmetric effects, and whether effectiveness depends on the depth of domestic financial markets.
Other form:Print Version: 9781513514864
Standard no.:10.5089/9781513514864.001