Foreign exchange market intervention and reserve accumulation in emerging Asia: Is there evidence of fear of appreciation?

Victor Pontines and Ramkishen Rajan

Economics Letters, 2011, vol. 111, issue 3, 252-255

Abstract: Asian central banks react more strongly to currency appreciations than depreciations and more to nominal effective exchange rates (NEERs) than to bilateral US dollar rates. This rationalizes the relative exchange rate stability and the sustained reserve accumulation in the region.

Keywords: Asymmetry; Emerging; Asia; Intervention; NEER; Reserves (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (51)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:111:y:2011:i:3:p:252-255

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