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Liczba wyników
2005 | nr 17 | 43-60
Tytuł artykułu

Teoretyczne przesłanki ograniczonej skuteczności sterylizowanych interwencji walutowych

Autorzy
Treść / Zawartość
Warianty tytułu
Theoretical Factors of Limited Effectiveness of the Sterilized Currency Intervention
Języki publikacji
PL
Abstrakty
Przedmiotem tego artykułu są teoretyczne aspekty skuteczności sterylizowanych interwencji walutowych jako narzędzia stabilizacji kursu sztywnego. (fragment tekstu)
EN
The subject of the article is the theoretical aspects of the effectiveness of the sterilized currency intervention as a means to stabilize the fixed rate. Effectiveness of currency intervention, especially sterilized, is the subject of continuous controversy the resolution of which is searched for in more and more numerous statistical-econometrical empirical studies. In the face of contradictory and ambiguous study results as well as cursory empirical observation a particularly great importance should be attached to theoretical arguments that would provide a ground for interpretation and understanding of empirical observations. The main part of the article constitutes a critical overview of the theoretical views on the ways in which intervention influences the exchange rate. The conducted analysis leads to a conclusion that currency interventions directed to protect the rate level may in some cases be effective, but in others they may be ineffective. Such conclusion is perfectly consistent with the experience gathered. Contrary to the empirical analysis the theoretical perspective allows to look into the intervention mechanism and define the factors that may determine the effectiveness of intervention. (original abstract)
Rocznik
Numer
Strony
43-60
Opis fizyczny
Twórcy
  • Uniwersytet Warszawski
Bibliografia
  • BIS (Bank for International Settlements), 2004, Foreign exchange market intervention: methods and tactics, (opracowanie na posiedzenie wiceprezesów).
  • Branson W.H., Henderson D.W., 1985, The specification and influence of asset markets, w: R.W Jones, P.B. Kennen (red.), Handbook of International Economics, Elsevier Science Publishers B.V.
  • Chiu P., 2003, Transparency versus constructive ambiguity in foreign exchange intervention, "BIS Working Paper" nr 144.
  • Fatum R., Hutchison M., 2003, Is Sterilised Foreign Exchange Intervention Effective After All? An Event Study Approach, "The Economic Journal" nr 113, s. 390-411, kwiecień.
  • Flood R., Marion N., 1997, The Size and Timing of Devaluations in Capital-Controlled Countries, "Journal of Development Economics" nr 54, s. 123-147.
  • Flood R., Marion N., 1999, Perspectives on the Recent Currency Crisis Literature, "International Journal of Finance Economics" nr 4, s. 1-26.
  • Galati G., Mellick W., 2002, Central bank interventions and market expectations, "BIS Papers" nr 10.
  • Goodhart C.A.E., 1989, Money, information and uncertainty, MacMillan (2 wyd.).
  • Isard P., 1995, Exchange Rate Economics, Cambridge University Press.
  • Koronowski A., 2003, Czynniki destabilizacji rynków walutowych, Twigger.
  • Koronowski A., 2003a, Remarks on models of currency crises and the existence of multiple equilibria, "Materiały i Studia NBP" nr 28.
  • Krugman P., 1979, A model of balance of payments crises, "Journal of Money, Credit and Banking" nr 11.
  • Małecki W., Sławiński A., Piasecki R., Żuławska U., 2001, Kryzysy walutowe, PWN.
  • Neely Ch. J, 2001., The Practice of Central Bank Intervention: Looking under the Hood, "Federal Reserve Bank of St. Louis Review" nr 83 (3), s. 1-10.
  • Neely Ch. J., 2004, The Case for Foreign Exchange Intervention: The Government as a Long-Term Speculator, maszynopis, Federal Reserve Bank of St. Louis.
  • Obstfeld M., 1994, The logic of currency crises, "NBER Working Paper" nr 4640.
  • Obstfeld M., 1995, Models of currency crises with self-fullfiling features, "NBER Working Paper" nr 5285.
  • Obstfeld M., Rogoff K., 1999, Foundations of International Macroeconomics, Cambridge, Massachusetts.
  • Sarno L., Tayor M., 2001, Official Intervention in the Foreign Exchange Market: Is It Effective and If, So How Does It Work?, "Journal of Economic Literature" t. XXXIX, s. 839-868, wrzesień.
  • Stix H., 2002, Does Central Bank Intervention Influence the Probability of a Speculative Attack? Evidence from the EMS, "Österreichische Nationalbank Working Paper" nr 80.
  • Wren-Lewis S., 2002, Estimates of equilibrium exchange rates for sterling against the euro, HM Treasury.
  • Vitale P., 1999, Sterilized Central Bank Intervention in the Foreign Exchange Market, "Journal of International Economics" nr 49, s. 245-267
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171316295
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