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Some Empirical Evidence Of Exchange Market Pressure In Singapore

Author

Listed:
  • HIROYA AKIBA

    (School of Political Science & Economics, Waseda University, Tokyo, Japan)

  • YUKIHIRO IIDA

    (Graduate School of Economics, Waseda University, Tokyo, Japan)

Abstract

This paper examines an intervention index in the foreign exchange market, applying the quarterly data of the Singapore economy during the 1990's. The intervention index measures intervention activity as the proportion of exchange market pressure relieved by exchange market intervention. Singapore is selected because (1) it is a small open economy and consistent with this empirical study, and (2) it has been affected by speculative attacks. The specific interest is the effectiveness of intervention conducted by the Singapore authority to mitigate exchange market pressure. It is concluded that the overall intervention activity is surprisingly successful over the sample period.

Suggested Citation

  • Hiroya Akiba & Yukihiro Iida, 2004. "Some Empirical Evidence Of Exchange Market Pressure In Singapore," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 49(01), pages 55-69.
    • Handle: RePEc:wsi:serxxx:v:49:y:2004:i:01:n:s0217590804000792
    DOI: 10.1142/S0217590804000792
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