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| Author: | Vitale, P. |
| Title: | Sterilised central bank intervention in the foreign exchange market |
| Journal: | Journal of International Economics
1999 : DEC, VOL. 49:2, p. 245-267 |
| Index terms: | ECONOMICS CENTRAL BANKS FOREIGN EXCHANGE MARKET |
| Language: | eng |
| Abstract: | The author has studied the signalling role of sterilized foreign exchange intervention using a market micro-structure framework. The author has assumed that the monetary authorities intervene in the foreign exchange market in order to target the value of a foreign currency. Since the fundamentals of the foreign currency are not necessarily equal to this objective, the central bank does not have an incentive to reveal its intervention operations and no announcement on its activity will be credible. |
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