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Autor:innen: 
Erscheinungsjahr: 
2009
Schriftenreihe/Nr.: 
EPRU Working Paper Series No. 2009-02
Verlag: 
University of Copenhagen, Economic Policy Research Unit (EPRU), Copenhagen
Zusammenfassung: 
This paper investigates whether official Japanese intervention in the JPY/USD exchange rate over the January 1999 to March 2004 time period is effective. By integrating the official intervention data with a comprehensive set of newswire reports capturing days on which there is a rumor or speculation of intervention, the paper also attempts to shed some light on through which of the two channels, the signaling channel in a broad sense or the portfolio balance channel, effective Japanese intervention works. The results suggest that Japanese intervention is effective during the first 5 years of the sample and ineffective during the last 3 months of the sample, thereby providing an ex-post rationale for why Japan intervened as well as for why the interventions stopped. Moreover, the results suggest that when Japanese intervention is effective, it works through a portfolio-balance channel. The results do not rule out that effective intervention also works through signaling.
Schlagwörter: 
exchange rates
foreign exchange market intervention
channels of Transmission
JEL: 
E52
F31
G14
Dokumentart: 
Working Paper

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