Format:
Online-Ressource (28 p)
Edition:
Online-Ausg.
ISBN:
1475532814
,
9781475532814
Series Statement:
IMF Working Papers Working Paper No. 13/70
Content:
Using panel data for 15 economies from 2001-12, I identify determinants of central bank foreign exchange intervention in emerging markets (“EMs”) with flexible to moderately managed exchange rates. Similar to other studies, I find that central banks tend to “lean against the wind,” buying/selling more foreign exchange in response to greater short-run and medium-run appreciation/depreciation pressures. The panel structure provides a framework to test whether other macroeconomic variables influence the different rates of reserve accumulation between economies. In testing other variables, I find evidence of both precautionary and external competitiveness motives for reserve accumulation
Additional Edition:
Erscheint auch als Druck-Ausgabe Malloy, Matthew Factors Influencing Emerging Market Central Banks' Decision to Intervene in Foreign Exchange Markets Washington, D.C. : International Monetary Fund, 2013 ISBN 9781475532814
Language:
English
DOI:
10.5089/9781475532814.001
