On the Effectiveness of Central Bank Intervention in the Foreign Exchange Market: The Case of Slovakia, 1999–2007

被引：2

作者：

Banerjee B. ^{[1
,2
]}

Zeman J. ^{[3
]}

Ódor Ľ. ^{[4
]}

Riiska W.O., Jr. ^{[5
]}

机构：

[1] Ministry of Finance of the Slovak Republic, Štefanovičová 5, Bratislava

[2] Department of Economics, Ashoka University, Sonepat, 131029, Haryana

[3] National Bank of Slovakia, Imricha Karvaša 1, Bratislava

[4] Council for Budget Responsibility, Imricha Karvaša 1, Bratislava

[5] Hutchin Hill Capital, 142 West 57th Street, New York, 10019, NY

来源：

Comparative Economic Studies | 2018年 / 60卷 / 3期

关键词：

ERM II participation; Foreign exchange market intervention; Koruna/euro exchange rate; Monetary policy framework; Slovakia;

D O I：

10.1057/s41294-017-0039-z

中图分类号：

学科分类号：

摘要：

Based on intraday high-frequency data, this paper investigates the effect of sterilized interventions on the Slovak koruna/euro exchange rate for different time windows during a period that coincides with Slovakia’s preparation for EU accession and euro adoption. Results confirm a significant relationship between intervention and exchange rate change. The maximum effect of intervention is reflected in the exchange rate change within a couple of hours, and the effect over longer time windows weakens only gradually. The initial impact of sale interventions is stronger than that of purchase interventions. © 2017, Association for Comparative Economic Studies.

引用

页码：442 / 474

页数：32

共 47 条

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