Please use this identifier to cite or link to this item:
http://hdl.handle.net/2072/5366
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| Title: | Market effects of foreign exchange coordinated intervention |
| Authors: | Ferré Carracedo, Montserrat
Manzano, Carolina |
| Other authors: | Universitat Rovira i Virgili. Departament d'Economia |
| Subjects: | Bancs centrals
Planificació centralitzada
Models economètrics
Estructura econòmica |
| Creation Date: | 2008 |
| Series/Report no.: | Documents de treball del Departament d'Economia;2008-03 |
| Abstract: | In this article we develop a theoretical microstructure model of coordinated central bank intervention based on asymmetric information. We
study the economic implications of coordination on some measures of market quality and show that the model predicts higher volatility and more
significant exchange rate changes when central banks coordinate compared
to when they intervene unilaterally. Both these predictions are in line with
empirical evidence.
Keywords: coordinated foreign exchange intervention, market microstructure.
JEL Classification: D82, E58, F31, G14 |
| CDU: | 338 - Economic situation. Trade cycle. Development of economic structure. Growth |
| Appears in Collections: | Documents de treball del Departament d'Economia
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| DT.2008-3-.PDF | | 321Kb | Adobe PDF | View/Open |
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