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Measuring Exchange Market Pressure and Intervention in Interdependent Economies: A Two-Country Model

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Author Info
Weymark, Diana N

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Abstract

In this article, operational exchange market pressure and intervention indices are derived for a world composed of two interdependent economies. The model-consistent formulae, which can be calculated from observed data, are obtained by applying general definitions of exchange market pressure and intervention activity to a two-country rational-expectations model. It is demonstrated that the functional forms used to measure exchange market pressure and intervention activity depend on whether intervention is direct or indirect and also on whether foreign exchange reserves are held as currency or in the form of bonds. Copyright 1997 by Blackwell Publishing Ltd.

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Publisher Info
Article provided by Blackwell Publishing in its journal Review of International Economics.

Volume (Year): 5 (1997)
Issue (Month): 1 (February)
Pages: 72-82
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Handle: RePEc:bla:reviec:v:5:y:1997:i:1:p:72-82

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0965-7576

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  1. Jan-Egbert Sturm & Timo Wollmershäuser, 2008. "The Stress of Having a Single Monetary Policy in Europe," Working papers 08-190, KOF Swiss Economic Institute, ETH Zurich. [Downloadable!]
    Other versions:
  2. Stavarek, Daniel, 2008. "Exchange Market Pressure in Central European Countries from the Eurozone Membership Perspective," MPRA Paper 12079, University Library of Munich, Germany. [Downloadable!]
  3. Stavarek, Daniel, 2007. "Comparative analysis of the exchange market pressure in Central European countries with the Eurozone membership perspective," MPRA Paper 3906, University Library of Munich, Germany. [Downloadable!]
  4. Stavarek, Daniel, 2006. "Estimation of the Exchange Market Pressure in the EU4 Countries: A Model-Dependent Approach," MPRA Paper 1196, University Library of Munich, Germany. [Downloadable!]
  5. Franc Klaassen & Henk Jager, 2007. "Model-free Measurement of Exchange Market Pressure," Tinbergen Institute Discussion Papers 06-112/2, Tinbergen Institute. [Downloadable!]
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