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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.

Suggested Citation

  • Timo Wollmershäuser, 2003. "Sterilisierte Devisenmarktinterventionen - ein umstrittenes währungspolitisches Instrument," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 56(19), pages 34-44, October.
  • Handle: RePEc:ces:ifosdt:v:56:y:2003:i:19:p:34-44
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    References listed on IDEAS

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    More about this item

    Keywords

    Wechselkurs; Devisenmarkt; Wechselkurspolitik; Intervention; Bank;

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • G20 - Financial Economics - - Financial Institutions and Services - - - General

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