ECB foreign exchange intervention and the EURO: Institutional framework, news, and intervention

被引：22
|
作者：
Fatum, R [1 ]
Hutchison, MM
机构：
[1] Univ Alberta, Sch Business, Dept Mkt Business Econ & Law, Edmonton, AB T6G 2R6, Canada
[2] Univ Calif Santa Cruz, Dept Econ, Santa Cruz, CA 95064 USA
来源：
OPEN ECONOMIES REVIEW | 2002年 / 13卷 / 04期
关键词：
foreign exchange market intervention; Euro; central bank intervention;
D O I：
10.1023/A:1020669531230
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Using a unique intervention "news" data set, this paper investigates the impact of ECB intervention and intervention-related news (newswire reports) on the Euro exchange rate. A time-series study of news generated by ECB officials and market participants regarding intervention and the value of the Euro as well as an event study of firm reports of ECB intervention is conducted. Both studies find significant short-run effects on the Euro value, while only "negative" statements (official statements denying past intervention or ruling out future intervention) appear to have persistent effects.
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页码：413 / 425
页数：13
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