Bernanke Was Right: Currency Manipulation Policy in Emerging Foreign Exchange Markets
This paper examines the currency manipulation policy in the foreign exchange markets of thirteen emerging countries using a structural vector autoregressive (SVAR) framework to link the dynamics of real exchange rates and foreign reserves. It is found that for Korea, Singapore, and Taiwan, exchange rate shocks are the main source of fluctuations in foreign reserves over all time horizons. Empirical evidence suggests that these countries intervene substantially in the foreign exchange markets in order to promote export competitiveness.
|Date of creation:||25 Jan 2012|
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- Weymark, Diana N., 1995. "Estimating exchange market pressure and the degree of exchange market intervention for Canada," Journal of International Economics, Elsevier, vol. 39(3-4), pages 273-295, November.
- Reinhart, Carmen & Calvo, Guillermo, 2002.
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14000, University Library of Munich, Germany.
- Shiu-Sheng Chen & Kenshi Taketa, 2007. "Assessment Of Weymark'S Measures Of Exchange Market Intervention: The Case Of Japan," Pacific Economic Review, Wiley Blackwell, vol. 12(5), pages 545-558, December.
- Kim, Soyoung, 2003. "Monetary policy, foreign exchange intervention, and the exchange rate in a unifying framework," Journal of International Economics, Elsevier, vol. 60(2), pages 355-386, August.
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- Christopher J. Neely, 2011. "The difference between currency manipulation and monetary policy," Economic Synopses, Federal Reserve Bank of St. Louis.
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