Dopad intervence ČNB do finančních trhů

CNB FX Intervention and Its Impact on Financial Markets

Jan Vejmělek

Politická ekonomie, 2014, vol. 2014, issue 6, 808-823

Abstract: The paper is discussing CNB FX intervention and its impact on all segments of Czech financial markets from process and volumes of transactions point of view and possible consequences. The focus is on foreign exchange, bond and stock market. Although the impact of FX intervention was evident on all markets under discussion, it was not so significant having macroeconomic effects. The only exception is the FX market. The Czech National Bank contributed to the widening gap between market and equilibrium exchange rate. The undervalued Czech currency will have a temporal positive impact on the macroeconomic external balance.

Keywords: external balance; FX intervention; financial markets (search for similar items in EconPapers)
JEL-codes: E44 E52 E58 F31 (search for similar items in EconPapers)
Date: 2014
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DOI: 10.18267/j.polek.983

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