haku: @indexterm FOREIGN EXCHANGE MARKET / yhteensä: 170
viite: 6 / 170
| Tekijä: | Payne, R. Vitale, P. |
| Otsikko: | A transaction level study of the effects of central bank intervention on exchange rates |
| Lehti: | Journal of International Economics
2003 : DEC, VOL. 61:2, p. 331-352 |
| Asiasana: | Central banks Exchange rates Foreign exchange market Market structure |
| Kieli: | eng |
| Tiivistelmä: | The effects of sterilized intervention operations executed on behalf of the Swiss National Bank (SNB) are studied using tick-by-tick transactions data between 1986 and 1995. The preliminary analysis (Economic Journal, 1999) is extended by matching these data with indicative intra-day exchange rate quotes and news-wire reports of central bank activity. Event study approach is used and it is found that intervention has important short-run effects on exchange rate returns. |
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