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Sterilisierte Devisenmarktinterventionen - ein umstrittenes währungspolitisches Instrument

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  • Timo Wollmershäuser

Abstract

Ziel dieses Aufsatzes ist es, die Wirksamkeit von Devisenmarktinterventionen im Lichte eines neuen Wechselkursmodells zu bewerten. Dabei steht nicht die Beeinflussung von Fundamentalfaktoren im Vordergrund, sondern die Koordination heterogener Erwartungen unter den Devisenmarktakteuren, die zu langfristigen Abweichungen des Wechselkurses von seinem Fundamentalwert führen können. Es wird gezeigt, dass sterilisierte Devisenmarktinterventionen aus dieser Perspektive als Instrument in den Händen der Notenbanken betrachtet werden können, das zwar keinen sicheren, unmittelbaren Erfolg verspricht, das aber dennoch dazu beiträgt, über längere Frist persistente Fehlentwicklungen des Wechselkurses zu mildern und zu korrigieren. Ein interessanter Nebenaspekt dabei ist, dass dieses Instrument mit keinerlei Kosten verbunden ist.

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Bibliographic Info

Article provided by Ifo Institute for Economic Research at the University of Munich in its journal ifo Schnelldienst.

Volume (Year): 56 (2003)
Issue (Month): 19 (October)
Pages: 34-44

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Handle: RePEc:ces:ifosdt:v:56:y:2003:i:19:p:34-44

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Related research

Keywords: Wechselkurs; Devisenmarkt; Wechselkurspolitik; Intervention; Bank;

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References

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  1. Jorge Iván Canales Kriljenko, 2003. "Foreign Exchange Intervention in Developing and Transition Economies," IMF Working Papers, International Monetary Fund 03/95, International Monetary Fund.
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  11. Fatum, Rasmus & Hutchison, Michael, 2006. "Effectiveness of official daily foreign exchange market intervention operations in Japan," Journal of International Money and Finance, Elsevier, Elsevier, vol. 25(2), pages 199-219, March.
  12. Paul Grauwe & Hans Dewachter, 1993. "A chaotic model of the exchange rate: The role of fundamentalists and chartists," Open Economies Review, Springer, Springer, vol. 4(4), pages 351-379, December.
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  15. Bofinger, Peter, 2000. "A framework for stabilizing the euro/yen/dollar triplet," The North American Journal of Economics and Finance, Elsevier, Elsevier, vol. 11(2), pages 137-151, December.
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