Detecting persistent one‐sided intervention in foreign exchange markets: A simple test

Shiu-Sheng Chen and Jen‐Kuan Wang

International Finance, 2022, vol. 25, issue 1, 23-45

Abstract: This paper examines currency manipulation policies in foreign exchange markets. In particular, we focus on whether a country has implemented one‐sided interventions that mostly lean against the appreciation wind in foreign exchange markets. Using quarterly data from 1998:Q1 to 2017:Q2 for 10 emerging countries, we find that China, Singapore, and Taiwan engaged in one‐sided interventions. A further rolling regression analysis shows some moderate evidence that Taiwan is the only country conducting one‐sided interventions on a continuing basis.

Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:bla:intfin:v:25:y:2022:i:1:p:23-45

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