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An assessment of some open issues in the analysis of foreign exchange intervention

✍ Scribed by Paolo Vitale

Publisher
John Wiley and Sons
Year
2007
Tongue
English
Weight
212 KB
Volume
12
Category
Article
ISSN
1076-9307

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✦ Synopsis

Abstract

We discuss some fundamental aspects of the study of foreign exchange intervention. In particular, we analyse some unresolved issues, such as the secrecy puzzle, the relevance of the signalling and portfolio‐balance effect hypotheses, the identification of the impact of foreign exchange intervention on currency values. We argue that: (i) the unresolved nature of these issues is partly due to the absence of a market microstructure perspective in most of the existing analysis of foreign exchange intervention; and (ii) that recent promising advances in this strand of research have not fully exploited the potential of such perspective. Copyright Β© 2007 John Wiley & Sons, Ltd.

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