Artikel
The Dynamic Impact of FX Interventions on Financial Markets
Evidence on the effectiveness of foreign exchange (FX) interventions is either limited to short horizons or hampered by debatable identification. We address these limitations by identifying a structural vector autoregressive model for the daily frequency with an external instrument. Generally we find, for freely floating currencies, that FX intervention shocks significantly affect exchange rates and that this impact persists for months. The signaling channel dominates the portfolio channel. Moreover, interest rates tend to fall in response to sales of the domestic currency, whereas stock prices of large (exporting) firms increase after devaluation of the domestic currency.
- Sprache
-
Englisch
- Erschienen in
-
Journal: The Review of Economics and Statistics ; ISSN: 1530-9142 ; Volume: 103 ; Year: 2021 ; Issue: 5 ; Pages: 939-953 ; Cambridge, MA: MIT Press
- Klassifikation
-
Wirtschaft
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Menkhoff, Lukas
Rieth, Malte
Stöhr, Tobias
- Ereignis
-
Veröffentlichung
- (wer)
-
MIT Press
- (wo)
-
Cambridge, MA
- (wann)
-
2021
- DOI
-
doi:10.1162/rest_a_00928
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Artikel
Beteiligte
- Menkhoff, Lukas
- Rieth, Malte
- Stöhr, Tobias
- MIT Press
Entstanden
- 2021
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