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Official Intervention in the Foreign Exchange Market
Mr. Jorge Iván Canales KriljenkoMr. Cem KaracadagRoberto Pereira Guimarães
其他書名
Elements of Best Practice
出版International Monetary Fund, 2003-07-01
主題Business & Economics / Economics / MacroeconomicsBusiness & Economics / Economics / GeneralBusiness & Economics / International / Economics
ISBN14519022559781451902259
URLhttp://books.google.com.hk/books?id=yQysv0at-fMC&hl=&source=gbs_api
註釋This paper offers guidance on the operational aspects of official intervention in the foreign exchange market, particularly in developing countries with flexible exchange rate regimes. A brief survey of the literature and country experience is followed by an analysis of the objectives, timing, amount, degree of transparency, and choice of markets and counterparties in conducting intervention. The analysis highlights the difficulty of detecting exchange rate misalignments and disorderly markets, and argues in favor of parsimony in official intervention. Determining the timing and amount of intervention is a highly subjective excercise, and some degree of discretion is almost necessary, though policy rules may serve as "rules of thumb."