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Currency intervention - the profitability of some recent international experiences




In recent years there have been high profile currency interventions by the Swiss National Bank (SNB) and the Bank of Japan (BoJ). In this note, we review these interventions, with a focus on the profitability of currency intervention, along with the relationship between profitability and the degree of exchange rate stabilisation. We also highlight the ways in which these interesting international episodes are of only limited direct relevance to thinking about current New Zealand exchange rate issues.

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  • Enzo Cassino & Michelle Lewis, 2012. "Currency intervention - the profitability of some recent international experiences," Reserve Bank of New Zealand Analytical Notes series AN2012/03, Reserve Bank of New Zealand.
  • Handle: RePEc:nzb:nzbans:2012/03

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    References listed on IDEAS

    1. Krippner, Leo, 2013. "Measuring the stance of monetary policy in zero lower bound environments," Economics Letters, Elsevier, vol. 118(1), pages 135-138.
    2. Leo Krippner & Leif Anders Thorsrud, 2009. "Forecasting New Zealand's economic growth using yield curve information," Reserve Bank of New Zealand Discussion Paper Series DP2009/18, Reserve Bank of New Zealand.
    3. Leo Krippner, 2011. "Modifying Gaussian term structure models when interest rates are near the zero lower bound," CAMA Working Papers 2011-36, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
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    Cited by:

    1. Bruce White, 2013. "Macroeconomic Policy in New Zealand: From the Great Inflation to the Global Financial Crisis," Treasury Working Paper Series 13/30, New Zealand Treasury.
    2. Simatele, Munacinga & Sjö, Bo & Sweeny, Richard, 2016. "Do Developing Countries Lose Money on Central Bank Intervention? The Case of Zambia in Copper-Market Boom and Bust," LiU Working Papers in Economics 2, Linköping University, Division of Economics, Department of Management and Engineering.
    3. Nuttathum Chutasripanich & James Yetman, 2015. "Foreign exchange intervention: strategies and effectiveness," BIS Working Papers 499, Bank for International Settlements.
    4. Willy Chetwin & Tim Ng & Daan Steenkamp, 2013. "New Zealand’s short- and medium-term real exchange rate volatility: drivers and policy implications," Reserve Bank of New Zealand Analytical Notes series AN2013/03, Reserve Bank of New Zealand.

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