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The Efficacy of Foreign Exchange Market Intervention in Malawi

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  • Kisukyabo Simwaka

    (Reserve bank of Malawi, P.O. Box 30063, Lilongwe, Malawi)

  • Leslie Kwacha Mkandawire

    (Reserve Bank of Malawi, P.O. Box 30063, Lilongwe, Malawi)

Abstract

The Malawi Kwacha was floated in February 1994. However, the Reserve Bank of Malawi has actively intervened in the foreign exchange market. Both the levels and volatility of the exchange rate have changed so much between January 1995 and December 2003, perhaps connoting that the market is not working so well or else a result of impromptu management. Using the daily exchange rate and official intervention data from January 1995 to December 2003 the paper is intended to examine the effects the Reserve Bank of Malawi foreign exchange operations have had on the level and volatility of the Malawi Kwacha exchange rate. The direct effects on the level of exchange rate will be assessed using an event study approach. Policy intervention effects on the exchange rate volatility shall be examined over the period of floatation of the exchange rate..

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Bibliographic Info

Paper provided by EconWPA in its series Macroeconomics with number 0407022.

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Length: 16 pages
Date of creation: 19 Jul 2004
Date of revision:
Handle: RePEc:wpa:wuwpma:0407022

Note: Type of Document - doc; pages: 16
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Web page: http://128.118.178.162

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Keywords: exchange rate volatility; market intervention;

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  1. Hong Liang & Paul Cashin & Hali J. Edison, 2003. "Foreign Exchange Intervention and the Australian Dollar: Has it Mattered?," IMF Working Papers 03/99, International Monetary Fund.
  2. Dominguez, Kathryn M., 1998. "Central bank intervention and exchange rate volatility1," Journal of International Money and Finance, Elsevier, vol. 17(1), pages 161-190, February.
  3. Kim, Suk-Joong & Sheen, Jeffrey, 2002. "The determinants of foreign exchange intervention by central banks: evidence from Australia," Journal of International Money and Finance, Elsevier, vol. 21(5), pages 619-649, October.
  4. Jonathan Kearns & Roberto Rigobon, 2002. "Identifying the Efficacy of Central Bank Interventions: The Australian Case," NBER Working Papers 9062, National Bureau of Economic Research, Inc.
  5. Kim, Soyoung, 2003. "Monetary policy, foreign exchange intervention, and the exchange rate in a unifying framework," Journal of International Economics, Elsevier, vol. 60(2), pages 355-386, August.
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