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Does Asian foreign exchange intervention really hurt Europe? Lessons from a three-asset portfolio model

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Author Info

  • Sebastian Dullien

    (Financial Times Deutschland)

Abstract

In the current policy debate, it is often argued that foreign exchange interventions by Asian central banks lead to an excessive appreciation of the euro against the dollar. This paper shows that in a three asset portfolio model the opposite holds: Interventions by Japan's central bank strenghten the dollar against the euro.

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File URL: http://128.118.178.162/eps/if/papers/0502/0502010.pdf
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Bibliographic Info

Paper provided by EconWPA in its series International Finance with number 0502010.

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Length: 10 pages
Date of creation: 28 Feb 2005
Date of revision:
Handle: RePEc:wpa:wuwpif:0502010

Note: Type of Document - pdf; pages: 10
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Web page: http://128.118.178.162

Related research

Keywords: China; Japan; foreign exchange interventions; portfolio model;

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  1. Mark P. Taylor & Lucio Sarno, 2001. "Official Intervention in the Foreign Exchange Market: Is It Effective and, If So, How Does It Work?," Journal of Economic Literature, American Economic Association, vol. 39(3), pages 839-868, September.
  2. Gandolfo, Giancarlo & Goldberg, Michael D., 2005. "International Finance And Open-Economy Macroeconomics," Macroeconomic Dynamics, Cambridge University Press, vol. 9(02), pages 263-266, April.
  3. Dominguez, Kathryn M & Frankel, Jeffrey A, 1993. "Does Foreign-Exchange Intervention Matter? The Portfolio Effect," American Economic Review, American Economic Association, vol. 83(5), pages 1356-69, December.
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