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Foreign Exchange Market Intervention

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Author Info

  • Vicki Newman

    (Reserve Bank of Australia)

  • Chris Potter

    (Reserve Bank of Australia)

  • Michelle Wright

    (Reserve Bank of Australia)

Registered author(s):

    Abstract

    The Reserve Bank’s approach to foreign exchange market intervention has evolved since the float of the Australian dollar in 1983, as the Australian foreign exchange market has developed and market participants have become better equipped to manage their foreign exchange risk. Over time, foreign exchange market intervention has become much less frequent and more targeted towards addressing periods of market dysfunction. This article presents a new dataset and summarises the key characteristics of major intervention episodes since the late 1980s. Some simple regression analysis is undertaken to gauge the effectiveness of these interventions, but the results mainly illustrate the inherent limitations of such exercises.

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    File URL: http://www.rba.gov.au/publications/bulletin/2011/dec/pdf/bu-0911-7.pdf
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    Bibliographic Info

    Article provided by Reserve Bank of Australia in its journal RBA Bulletin.

    Volume (Year): (2011)
    Issue (Month): (December)
    Pages: 67-76

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    Handle: RePEc:rba:rbabul:dec2011-07

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    Related research

    Keywords: Australian dollar; foreign exchange market; intervention; exchange rate policy;

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    Cited by:
    1. Augusto de la Torre & Eduardo Levy Yeyati & Samuel Pienknagura, . "Latin America’s Deceleration and the Exchange Rate Buffer : LAC Semiannual Report, October 2013," World Bank Other Operational Studies 16107, The World Bank.

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