Identifying the efficacy of central bank interventions: Evidence from Australia and Japan

Journal of International Economics

Volumn 66, Issue 1, 2005, Pages 31-48

  Kearns, Jonathan ^a   Rigobon, Roberto ^b  

^a RESERVE BANK OF AUSTRALIA   (Australia)

^b MIT and NBER   (Australia)

Author keywords

Central bank intervention; Exchange rates; Heteroskedasticity; Identification

Indexed keywords

CENTRAL BANK; REGULATORY APPROACH;

ASIA; AUSTRALASIA; AUSTRALIA; EASTERN HEMISPHERE; EURASIA; FAR EAST; JAPAN; WORLD;

EID: 17144395610     PISSN: 00221996     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jinteco.2004.05.001     Document Type: Article

References (18)

1. Andrew, R., Broadbent, J., 1994. Reserve bank operations in the foreign exchange market: Effectiveness and profitability, Research Discussion Paper 9406, Reserve Bank of Australia.
2. R.T. Baillie W.P. Osterberg Central bank intervention and risk in the forward market Journal of International Economics 43 3/4 1997 483-497
3. Y. Chang S.J. Taylor Intraday effects of foreign exchange intervention by the bank of Japan Journal of International Money and Finance 17 1 1998 191-210
4. K.M. Dominguez The market microstructure of central bank intervention Journal of International Economics 59 1 2003 25-45
5. K.M. Dominguez J.A. Franke Does foreign exchange intervention work? Institute of International Economics 1993a Washington D.C.
6. K.M. Dominguez J.A. Frankel Foreign exchange intervention: An empirical assessment In: J.A. Frankel (Ed.), On Exchange Rates 1993b MIT Press Cambridge, MA 327-345
7. Edison, H.J., 1993. The effectiveness of central-bank intervention: A survey of the literature after 1982, Special Papers on International Economics 18, Princeton University.
8. C.A.E. Goodhart T. Hesse Central bank forex intervention assessed in continuous time Journal of International Money and Finance 12 4 1993 368-389
9. Ito, T., 2002. Is foreign exchange intervention effective? The Japanese Experiences in the 1990s, Working Paper 8914, NBER.
10. G.L. Kaminsky K.K. Lewis Does foreign exchange intervention signal future monetary policy? Journal of Monetary Economics 37 2 1996 285-312
11. S.-J. Kim J. Sheen The determinants of foreign exchange intervention by central banks: Evidence from Australia Journal of International Money and Finance 21 5 2002 619-649
12. S.-J. Kim T. Kortian J.R. Sheen Central bank intervention and exchange rate volatility - Australian evidence Journal of International Financial Markets, Institutions, and Money 10 3-4 2001 381-405
13. K.K. Lewis Are foreign exchange intervention and monetary policy related, and does it really matter? Journal of Business 68 2 1995 185-214
14. C.J. Neely The practice of central bank intervention: Looking under the hood Review-Federal Reserve Bank of St. Louis 83 3 2001 1-10
15. B. Peiers Informed traders, intervention, and price leadership: A deeper view of the microstructure of the foreign exchange market Journal of Finance 52 4 1997 1589-1614
16. H. Popper J.D. Montgomery Information sharing and central bank intervention in the foreign exchange market Journal of International Economics 55 2 2001 295-316
17. Rankin, R., 1998. The exchange rate and the reserve bank's role in the foreign exchange market. http://www.rba.gov.au/PublicationsAndResearch/ Education/Exchange_Rate/html.
18. L. Sarno M. Taylor Official intervention in the foreign exchange market: is it effective and, if so, how does it work? Journal of Economic Literature XXXIX 3 2001 839-868