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Additional info for Foreign exchange market intervention in emerging markets : motives, techniques and implications
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Storgaard, P E (2002): “Exchange-rate regimes and transparency”, Danmarks Nationalbank Monetary Review, 3rd Quarter, pp 59-69. Study Group on Central Bank Capital (2005): Central Bank Capital, unpublished report for use by the central bank community. Tapia, M and A Tokman (2004): “Effects of foreign exchange intervention under public information: the Chilean case”, Economia, LACEA, vol 4, Spring, pp 1-42. BIS Papers No 24 39 Foreign exchange market intervention: methods and tactics David Archer Introduction This paper focuses on the methods and tactics of foreign exchange market intervention with an emphasis on how the tactics of intervention can depend on intervention objectives and the environment.
Finally, at least some of these agents just discussed will be attempting to second-guess the interests and behaviour of the others, adding to the complexity of the exchange rate determination process. Against that complex background, central banks must choose operational methods that effectively influence this heterogeneous group’s collective valuation of the currency. Economic theorists have attempted to identify the channels through which central bank actions might influence such valuations. Channels of influence The most commonly discussed channels of influence are: 1.
Moreover, there are important second-order linkages from sterilised intervention back to the monetary policy channel. These linkages operate through the existence of policy trade-offs - whereby inflation and real economy developments both enter the objective function of the monetary authorities - and through expectations of how those trade-offs will affect future policy. 2. The portfolio balance channel. Viewed from the perspective of a representative investor in an international portfolio of assets, a change in the relative scarcity of domestic versus 2 Interestingly, the literature on the usefulness of order flows for explaining exchange rate developments suggests that the flows themselves may contain information on the diverse array of otherwise unobservable behaviours shaping the macroeconomic fundamentals (Evans and Lyons (2004)).