Transparency versus constructive ambiguity in foreign exchange intervention
Based on a survey of 10 central banks and a review of existing literature, this paper examines the choice between transparency versus ambiguity in central banks' foreign exchange intervention. Three case studies - Canada, Hong Kong SAR and Japan - are presented to highlight the problems facing central banks in this choice, and the changes that have been made to cope with those challenges.
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- Martin D. D. Evans & Richard K. Lyons, 2001. "Portfolio Balance, Price Impact, and Secret Intervention," NBER Working Papers 8356, National Bureau of Economic Research, Inc. Full references (including those not matched with items on IDEAS)
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