| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14897 |
| DP14897 FX Intervention to Stabilize or Manipulate the Exchange Rate? Inference from Profitability | |
| Damiano Sandri | |
| 发表日期 | 2020-06-16 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We analyze the profitability of FX swaps used by the central bank of Brazil to shed light on the rationale for FX intervention. We find that swaps are profitable in expectation, suggesting that FX intervention is used to stabilize the exchange rate in the face of temporary excessive movements rather than to manipulate it away from fundamental values. In line with this interpretation, we find that the scale of FX intervention responds to the degree of exchange rate misalignment relative to UIP conditions. We also document that intervention is more aggressive when there is less uncertainty about the medium-term level of the exchange rate and when the exchange rate is overvalued rather than undervalued. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Fx intervention Profitability exchange rate |
| URL | https://cepr.org/publications/dp14897 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543838 |
| 推荐引用方式 GB/T 7714 | Damiano Sandri. DP14897 FX Intervention to Stabilize or Manipulate the Exchange Rate? Inference from Profitability. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
| 个性服务 |
| 推荐该条目 |
| 保存到收藏夹 |
| 导出为Endnote文件 |
| 谷歌学术 |
| 谷歌学术中相似的文章 |
| [Damiano Sandri]的文章 |
| 百度学术 |
| 百度学术中相似的文章 |
| [Damiano Sandri]的文章 |
| 必应学术 |
| 必应学术中相似的文章 |
| [Damiano Sandri]的文章 |
| 相关权益政策 |
| 暂无数据 |
| 收藏/分享 |
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
