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| Tekijä: | Pierdzioch, C. |
| Otsikko: | Die Devisenmarktinterventionen der Europäischen Zentralbank: Ein Instrument zur Steuerung des Wechselkurses? |
| Lehti: | Weltwirtschaft
2002 : 1, p. 109-117 |
| Asiasana: | EUROPE CENTRAL BANKS EXCHANGE RATES EURO |
| Kieli: | ger |
| Tiivistelmä: | In the fall of 2000, the European Central Bank (ECB) conducted interventions in foreign exchange markets to support the external stability of the euro. In this paper, the author analyzes the effectiveness of these interventions. To this end, the author presents in a first step a selective survey of the theoretical literature discussing how central banks' foreign exchange market interventions may affect exchange rates. In a second step, the author summarizes recent empirical evidence on the effectiveness of the intervention policy of the ECB. The general result that can be derived from this analysis is that the ECB interventions had only a rather short-term impact on the exchange rate of the euro (original in German). |
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