Official Intervention in the Foreign Exchange Market: Elements of Best Practice, Issues 2003-2152International Monetary Fund, Monetary and Financial Systems Department, 2003 - Banks and banking, Central - 43 pages |
Contents
Introduction | 3 |
Technical Issues | 24 |
IMFSupported Adjustment Programs and Official Intervention | 33 |
Copyright | |
Other editions - View all
Common terms and phrases
accumulate reserves amount of intervention auctions authorized dealers bank's bid-offer spreads brokers Canales-Kriljenko central bank intervention changes counterparties degree of transparency developing countries developing economies disclose effectiveness of intervention European Central Bank example exchange rate level exchange rate misalignment exchange rate policies exchange rate regimes exchange rate volatility flexible exchange rate foreign currency Foreign Exchange Intervention foreign exchange market foreign exchange operations forward market IMF Working Paper interbank interest rates International Monetary Fund international reserves intervention currency intervention objectives intervention operations intervention policies macroeconomic macroeconomic policies market liquidity market makers market participants market turnover monetary policy Moreover observable market indicators official intervention offshore option contract policy credibility policy mix policy rule portfolio balance channel positive feedback trading price discovery put options reduce exchange rate reserve accumulation Sarno and Taylor shocks signaling channel spot market intervention sterilized intervention supplying foreign exchange Sveriges Riksbank U.S. dollar underlying macroeconomic unwarranted Washington