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dc.contributor.authorDaude, Christian
dc.contributor.authorLevy Yeyati, Eduardo
dc.contributor.authorNagengast, Arne
dc.date.accessioned2020-11-19T16:32:52Z
dc.date.issued2014-09
dc.identifier.citationDaude, Christian, Eduardo Levy Yeyati, and Arne Nagengast. “On the effectiveness of exchange rate interventions in emerging markets.” CID Working Paper Series 2014.288, Harvard University, Cambridge, MA, September 2014.en_US
dc.identifier.urihttps://nrs.harvard.edu/URN-3:HUL.INSTREPOS:37366317*
dc.description.abstractWe analyze the effectiveness of exchange rate interventions for a panel of 18 emerging market economies during the period 2003-2011. Using an error-correction model approach we find that on average intervention is effective in moving the real exchange rate in the desired direction, controlling for deviations from the equilibrium and short-term changes in fundamentals and global financial variables. Our results are robust to different samples and estimation methods. We find little evidence of asymmetries in the effect of sales and purchases, but some evidence of more effective interventions for large deviations from the equilibrium. We also explore differences across countries according to the possible transmission channels and nature of some global shocks.en_US
dc.language.isoen_USen_US
dc.publisherCenter for International Development at Harvard Universityen_US
dc.relation.isversionofhttps://www.hks.harvard.edu/centers/cid/publicationsen_US
dash.licenseLAA
dc.titleOn the effectiveness of exchange rate interventions in emerging marketsen_US
dc.typeResearch Paper or Reporten_US
dc.description.versionAccepted Manuscripten_US
dc.relation.journalCID Working Paper Seriesen_US
dc.date.available2020-11-19T16:32:52Z
dash.contributor.affiliatedLevy Yeyati, Eduardo


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