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.
|Date of creation:||Oct 2003|
|Date of revision:|
|Contact details of provider:|| Postal: |
Phone: (41) 61 - 280 80 80
Fax: (41) 61 - 280 91 00
Web page: http://www.bis.org/
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- 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.
- Fischer, Andreas M & Zurlinden, Mathias, 1998. "Interventions Versus Customer Transactions: An Alternative Test of the Signalling Hypothesis," CEPR Discussion Papers 1864, C.E.P.R. Discussion Papers.
- Christopher J. Neely, 2001.
"The practice of central bank intervention: looking under the hood,"
Federal Reserve Bank of St. Louis, issue May, pages 1-10.
- Christopher J. Neely, 2000. "The practice of central bank intervention: looking under the hood," Working Papers 2000-028, Federal Reserve Bank of St. Louis.
- Carmen M. Reinhart & Kenneth S. Rogoff, 2002.
"The Modern History of Exchange Rate Arrangements: A Reinterpretation,"
NBER Working Papers
8963, National Bureau of Economic Research, Inc.
- Carmen M. Reinhart & Kenneth S. Rogoff, 2004. "The Modern History of Exchange Rate Arrangements: A Reinterpretation," The Quarterly Journal of Economics, MIT Press, vol. 119(1), pages 1-48, February.
- Reinhart, Carmen & Rogoff, Kenneth, 2004. "The modern history of exchange rate arrangements: A reinterpretation," MPRA Paper 14070, University Library of Munich, Germany.
- Kathryn M. Dominguez, 1999.
"The Market Microstructure of Central Bank Intervention,"
NBER Working Papers
7337, National Bureau of Economic Research, Inc.
- Dominguez, Kathryn M. E., 2003. "The market microstructure of central bank intervention," Journal of International Economics, Elsevier, vol. 59(1), pages 25-45, January.
- Dominguez & K., 1997. "The Market Microstructure of Central Bank Intervention," Working Papers 412, Research Seminar in International Economics, University of Michigan.
- Fatum, Rasmus & Hutchison, Michael, 1999.
"Is Intervention a Signal of Future Monetary Policy? Evidece from the Federal Funds Futures Market,"
Journal of Money, Credit and Banking,
Blackwell Publishing, vol. 31(1), pages 54-69, February.
- Rasmus Fatum & Michael M. Hutchison, . "Is Intervention a Signal of Future Monetary Policy? Evidence from the Federal Funds Futures Market," EPRU Working Paper Series 96-13, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics.
- Edison, H.J., 1993. "The Effectiveness of Central-Bank Intervention: A Survey of the Litterature after 1982," Princeton Studies in International Economics 18, International Economics Section, Departement of Economics Princeton University,.
- Kathryn M. Dominguez, 1993. "Does Central Bank Intervention Increase the Volatility of Foreign Exchange Rates?," NBER Working Papers 4532, National Bureau of Economic Research, Inc.
When requesting a correction, please mention this item's handle: RePEc:bis:biswps:144. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Christian Beslmeisl)
If references are entirely missing, you can add them using this form.