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Erscheinungsjahr: 
2006
Schriftenreihe/Nr.: 
Sveriges Riksbank Working Paper Series No. 192
Verlag: 
Sveriges Riksbank, Stockholm
Zusammenfassung: 
Using a set of standard success criteria, we show that Riksbank foreign-exchange interventions between 1993 and 2002 lacked forecast value; that is, the observed number of successes was not significantly greater - and usually substantially smaller - than the number one would anticipate given the martingale nature of exchange-rate movements. Under some success criteria, the Riksbank exhibited negative forecast value, implying that the market could have profited by taking a position opposite that of the bank. Moreover, the likelihood of success was independent of such conditioning factors as the amount of a transaction, the time lapses between interventions, or the number of foreign currencies involved. As such, Riksbank intervention could not operate through an expectations or signaling channel.
Schlagwörter: 
Intervention
Foreign-exchange rates
Swedish Riksbank
Krona
JEL: 
F3
G15
Dokumentart: 
Working Paper
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