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Sterilisierte Devisenmarktinterventionen - ein umstrittenes währungspolitisches Instrument


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  • Timo Wollmershäuser


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

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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.
  2. Engel, Charles & Hamilton, James D, 1990. "Long Swings in the Dollar: Are They in the Data and Do Markets Know It?," American Economic Review, American Economic Association, American Economic Association, vol. 80(4), pages 689-713, September.
  3. Rasmus Fatum & Michael M. Hutchison, . "Is Sterilized Foreign Exchange Intervention Effective After All? An Event Study Approach," EPRU Working Paper Series, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics 99-09, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics.
  4. Stanley Fischer, 2001. "Exchange Rate Regimes: Is the Bipolar View Correct?," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 15(2), pages 3-24, Spring.
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  6. Dominguez, Kathryn M.E., 2006. "When do central bank interventions influence intra-daily and longer-term exchange rate movements?," Journal of International Money and Finance, Elsevier, Elsevier, vol. 25(7), pages 1051-1071, November.
  7. Martin D. D. Evans & Richard K. Lyons, 2000. "Are Different-Currency Assets Imperfect Substitutes?," Working Papers, Georgetown University, Department of Economics gueconwpa~00-00-05, Georgetown University, Department of Economics.
  8. Gabriele Galati & Corrinne Ho, 2001. "Macroeconomic news and the euro/dollar exchange rate," BIS Working Papers 105, Bank for International Settlements.
  9. Hong Liang & Paul Cashin & Hali J. Edison, 2003. "Foreign Exchange Intervention and the Australian Dollar," IMF Working Papers, International Monetary Fund 03/99, International Monetary Fund.
  10. Bofinger, Peter & Wollmershaeuser, Timo, 2001. "Managed Floating: Understanding the New International Monetary Order," CEPR Discussion Papers, C.E.P.R. Discussion Papers 3064, C.E.P.R. Discussion Papers.
  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.
  13. Mark R. Stone, 2003. "Inflation Targeting Lite," IMF Working Papers, International Monetary Fund 03/12, International Monetary Fund.
  14. Graciela L. Kaminsky & Karen K. Lewis, 1993. "Does foreign exchange intervention signal future monetary policy?," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) 93-1, Board of Governors of the Federal Reserve System (U.S.).
  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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