The Practice of Central Bank Intervention: Looking under the Hood
By Christopher J. Neely. 2000
219 citations recorded by the source corpus.
This article first reviews methods of foreign exchange intervention and then presents evidence—focusing on survey results—on the mechanics of such intervention. Types of intervention, instruments, timing, amounts, motivation, secrecy, and perceptions of efficacy are discussed.
Subfields: Economics and Econometrics, Finance
View Paper: https://www.semanticscholar.org/paper/858084b8ebaf61b82a4413168649173ddb265cc8
Citations in the corpus
- When do central bank interventions influence intra-daily and longer-term exchange rate movements? (2006, unknown): “16 Neely ( 2000), Chiu ( 2003) and Lecourt and Raymond ( 2004) provide detailed information about the practice of central bank intervention based on survey data . most likely to intervene at 14 : 57 : 10 GMT ( or 10 am EST ) .”
- The Empirics of Foreign Exchange Intervention in Emerging Market Countries: The Cases of Mexico and Turkey (2004, unknown): “Neely (2001) has shown that even for G-7 countries, changes in reserves are a poor proxy for intervention: Correlation coefficients between foreign exchange intervention and reserve changes are usually less than 0.”
- The temporal pattern of trading rule returns and exchange rate intervention: intervention does not generate technical trading profits (2002, unknown): “Neely (2000) finds that 66.7% of responding authorities stated that a desire to return exchange rates to fundamental values sometimes or always motivated intervention.”
- The Effectiveness of Foreign Exchange Intervention in Emerging Market Countries: Evidence from the Czech Koruna (2007, unknown): “11 Neely (1998), for example, shows that central banks often make losses in the short-run and profits only if the horizon is long enough.”
- An Analysis of Recent Studies of the Effect of Foreign Exchange Intervention (2005, unknown): “Yet, every central banker surveyed in Neely (2000)—those who actually conduct intervention—remains convinced that intervention is effective in changing the exchange rate.”