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Sterilisierte Devisenmarktinterventionen - ein umstrittenes währungspolitisches Instrument

  • 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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File URL: http://www.cesifo-group.de/portal/page/portal/DocBase_Content/ZS/ZS-ifo_Schnelldienst/zs-sd-2003/ifosd_2003_19_5.pdf
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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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  1. Fatum, Rasmus & Hutchison, Michael M., 2003. "Effectiveness of Official Daily Foreign Exchange Market Intervention Operations in Japan," Santa Cruz Department of Economics, Working Paper Series qt3rg5p5j2, Department of Economics, UC Santa Cruz.
  2. Stanley Fischer, 2001. "Exchange Rate Regimes: Is the Bipolar View Correct?," Journal of Economic Perspectives, American Economic Association, vol. 15(2), pages 3-24, Spring.
  3. Martin D. D. Evans & Richard K. Lyons, 2003. "Are Different-Currency Assets Imperfect Substitutes?," CESifo Working Paper Series 978, CESifo Group Munich.
  4. Kathryn M. E. Dominguez, 2003. "When Do Central Bank Interventions Influence Intra-Daily and Longer-Term Exchange Rate Movements?," Working Papers 506, Research Seminar in International Economics, University of Michigan.
  5. Jorge Iván Canales Kriljenko, 2003. "Foreign Exchange Intervention in Developing and Transition Economies; Results of a Survey," IMF Working Papers 03/95, International Monetary Fund.
  6. Mark R. Stone, 2003. "Inflation Targeting Lite," IMF Working Papers 03/12, International Monetary Fund.
  7. Graciela L. Kaminsky & Karen K. Lewis, 1993. "Does foreign exchange intervention signal future monetary policy?," Finance and Economics Discussion Series 93-1, Board of Governors of the Federal Reserve System (U.S.).
  8. Rasmus Fatum & Michael M. Hutchison, . "Is Sterilized Foreign Exchange Intervention Effective After All? An Event Study Approach," EPRU Working Paper Series 99-09, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics.
  9. Paul Grauwe & Hans Dewachter, 1993. "A chaotic model of the exchange rate: The role of fundamentalists and chartists," Open Economies Review, Springer, vol. 4(4), pages 351-379, December.
  10. De Grauwe, Paul, 2000. "Exchange Rates in Search of Fundamentals: The Case of the Euro-Dollar Rate," CEPR Discussion Papers 2575, C.E.P.R. Discussion Papers.
  11. Gabriele Galati & Corrinne Ho, 2001. "Macroeconomic news and the euro/dollar exchange rate," BIS Working Papers 105, Bank for International Settlements.
  12. 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.
  13. Bofinger, Peter, 2000. "A framework for stabilizing the euro/yen/dollar triplet," The North American Journal of Economics and Finance, Elsevier, vol. 11(2), pages 137-151, December.
  14. 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, vol. 80(4), pages 689-713, September.
  15. Bofinger, Peter & Wollmershaeuser, Timo, 2001. "Managed Floating: Understanding the New International Monetary Order," CEPR Discussion Papers 3064, C.E.P.R. Discussion Papers.
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