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Wie entschlossen intervenieren Zentralbanken am Devisenmarkt? Neue empirische Evidenz für die Bank of Japan
Frenkel, Michael | Pierdzioch, Christian | Stadtmann, Georg
Credit and Capital Markets – Kredit und Kapital, Vol. 36 (2003), Iss. 4 : pp. 483–498
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Michael Frenkel, Vallendar
Christian Pierdzioch, Kiel
Georg Stadtmann, Bloomington
References
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Abstract
How Strongly Determined are Central Banks to Intervene in the Foreign Exchange Market? New empirical evidence concerning the Bank of Japan
This article discusses a new approach to modelling the determining factors of central bank interventions in foreign exchange markets. This new approach is based on the empirical observation that central banks often intervene in foreign exchange markets on several consecutive days. The number of the days on which central banks intervened in foreign exchange markets may thus be used as an instrument for measuring how strongly determined these banks were to enforce their exchange-rate policy objectives by way of interventions in foreign exchange markets. The way in which this approach can be used to study the intervention policy of central banks is demonstrated on the basis of a new data set on the foreign exchange market interventions of the Bank of Japan in the 1990s.