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Foreign exchange market intervention and reserve accumulation in emerging Asia: Is there evidence of fear of appreciation?

  • Pontines, Victor
  • Rajan, Ramkishen S.

Asian central banks react more strongly to currency appreciations than depreciations and more to nominal effective exchange rates (NEERs) than to bilateral US dollar rates. This rationalizes the relative exchange rate stability and the sustained reserve accumulation in the region.

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Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 111 (2011)
Issue (Month): 3 (June)
Pages: 252-255

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Handle: RePEc:eee:ecolet:v:111:y:2011:i:3:p:252-255
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  1. Carmen M. Reinhart & Kenneth S. Rogoff, 2004. "The Modern History of Exchange Rate Arrangements: A Reinterpretation," The Quarterly Journal of Economics, Oxford University Press, vol. 119(1), pages 1-48.
  2. Frankel, Jeffrey A. & Fajnzylber, Eduardo & Schmukler, Sergio L. & Serven, Luis, 2001. "Verifying exchange rate regimes," Journal of Development Economics, Elsevier, vol. 66(2), pages 351-386, December.
  3. repec:oup:qjecon:v:119:y:2004:i:1:p:300-351 is not listed on IDEAS
  4. Frankel, Jeffrey & Wei, Shang-Jin, 2008. "Estimation of De Facto Exchange Rate Regimes: Synthesis of The Techniques for Inferring Flexibility and Basket Weights," Working Paper Series rwp08-026, Harvard University, John F. Kennedy School of Government.
  5. Surico, Paolo, 2003. "Measuring the time-inconsistency of US monetary policy," Working Paper Series 0291, European Central Bank.
  6. Ramachandran, M. & Srinivasan, Naveen, 2007. "Asymmetric exchange rate intervention and international reserve accumulation in India," Economics Letters, Elsevier, vol. 94(2), pages 259-265, February.
  7. repec:tpr:qjecon:v:117:y:2002:i:2:p:379-408 is not listed on IDEAS
  8. repec:tpr:qjecon:v:119:y:2004:i:1:p:1-48 is not listed on IDEAS
  9. Hansen, Lars Peter, 1982. "Large Sample Properties of Generalized Method of Moments Estimators," Econometrica, Econometric Society, vol. 50(4), pages 1029-54, July.
  10. Reinhart, Carmen & Calvo, Guillermo, 2002. "Fear of floating," MPRA Paper 14000, University Library of Munich, Germany.
  11. Rajan, Ramkishen S. & Shen, Chung-Hua, 2006. "Why Are Crisis-Induced Devaluations Contractionary? Exploring Alternative Hypotheses," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 21, pages 526-550.
  12. Guillermo A. Calvo & Carmen M. Reinhart, 2002. "Fear of Floating," The Quarterly Journal of Economics, Oxford University Press, vol. 117(2), pages 379-408.
  13. Naveen Srinivasan & Vidya Mahambare & M. Ramachandran, 2009. "Preference asymmetry and international reserve accretion in India," Applied Economics Letters, Taylor & Francis Journals, vol. 16(15), pages 1543-1546.
  14. Levy-Yeyati, Eduardo & Sturzenegger, Federico, 2005. "Classifying exchange rate regimes: Deeds vs. words," European Economic Review, Elsevier, vol. 49(6), pages 1603-1635, August.
  15. Carmen M. Reinhart & Kenneth S. Rogoff, 2004. "The Modern History of Exchange Rate Arrangements: A Reinterpretation," The Quarterly Journal of Economics, Oxford University Press, vol. 119(1), pages 1-48.
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