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dc.contributor.authorReitz, Stefanen
dc.contributor.authorTaylor, Mark P.en
dc.date.accessioned2012-04-13-
dc.date.accessioned2012-04-19T07:54:01Z-
dc.date.available2012-04-19T07:54:01Z-
dc.date.issued2012-
dc.identifier.urihttp://hdl.handle.net/10419/57272-
dc.description.abstractThe coordination channel has recently been established as an additional means by which foreign exchange market intervention may be effective. It is conjectured that strong and persistent misalignments of the exchange rate are caused by a coordination failure among fundamentals-based traders. In such situations official intervention may act as a coordinating signal, encouraging traders to engage in stabilizing speculation. We apply the framework developed in Reitz and Taylor (2008) to daily data on the yen-US dollar exchange rate and on Federal Reserve and Japanese Ministry of Finance intervention operations. The results provide further support for the coordination channel of intervention effectiveness.en
dc.language.isoengen
dc.publisher|aKiel Institute for the World Economy (IfW) |cKielen
dc.relation.ispartofseries|aKiel Working Paper |x1765en
dc.subject.jelC10en
dc.subject.jelF31en
dc.subject.jelF41en
dc.subject.ddc330en
dc.subject.keywordforeign exchange interventionen
dc.subject.keywordcoordination channelen
dc.subject.keywordSTR-GARCH modelen
dc.titleFX intervention in the yen-US dollar market: A coordination channel perspective-
dc.typeWorking Paperen
dc.identifier.ppn690107919en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:ifwkwp:1765en

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