Short-term impacts on exchange rates from portfolio flows to and from Denmark 1984-2004

Kim Abildgren

Nationaløkonomisk tidsskrift, 2008, vol. 2008, issue 1, 156-177

Abstract: The relationship between portfolio flows to and from Denmark and changes in the nominal krone rate vis-à-vis the euro (D-mark prior to 1999) over the period 1984-2004 is analysed. The paper finds a significant link from portfolio flows to shortterm exchange-rate movements. This result is robust to inclusion of central bank FX intervention and changes in the short-term interest-rate spread vis-à-vis the currency anchor as endogenous explanatory variables. Over time there has been a declining exchange-rate effect from portfolio flows, which might be a result of a gradually in - creased credibility of the Danish exchange-rate peg.

Keywords: exchange rates; Denmark (search for similar items in EconPapers)
JEL-codes: A10 (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:hhs:jdaecn:0106

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