Central bank interventions in industrialized countries: a characterization based on survey results
Christelle Lecourt and
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Christelle Lecourt: CEREFIM, University of Namur, Belgium, Postal: CEREFIM, University of Namur, Belgium
International Journal of Finance & Economics, 2006, vol. 11, issue 2, pages 123-138
This paper presents the findings from a survey on central banks' FOREX intervention practices in industrialized countries over the last decade. The answers of responding monetary authorities are examined with respect to available data and literature. Our findings indicate that interventions usually take place during normal working hours while central banks show some preference for dealing with major domestic banks. Correction or prevention of long-term misalignments of exchange rates with their fundamental values and, to a lesser extent, the reduction of exchange rate volatility is the first motive given for intervention. The signalling effect of interventions is consistently put forward as the main channel through which interventions work. Copyright © 2006 John Wiley & Sons, Ltd.
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