Market volatility and foreign exchange intervention in EMEs: what has changed?

Bank for International Settlements

No 73 in BIS Papers from Bank for International Settlements

Abstract: This volume, summarising the discussion and papers presented at the meeting of Deputy Governors of major EMEs in Basel on 21-22 February 2013, addresses three questions. First, what is the role of a flexible exchange rate in stabilising the economy and promoting financial development while preserving stability? Second, how have the motives and strategy behind the interventions changed since the 2008 global financial crisis? Finally, is intervention effective and, if so, how can its efficacy be measured?

Date: 2013 Written 2013-10
ISBN: 92-9197-962-7
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (36)

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Chapters in this book:

Market volatility and foreign exchange intervention in EMEs: what has changed? , pp 01-10

Madhusudan Mohanty

The exchange rate, real economy and financial markets , pp 11-23

Blaise Gadanecz and Aaron Mehrotra

Capital flow dynamics and FX intervention , pp 25-38

Torsten Ehlers and Elod Takats

Impact of foreign exchange interventions on exchange rate expectations , pp 39-54

Ken Miyajima and Carlos Montoro

Central bank views on foreign exchange intervention , pp 55-74

Madhusudan Mohanty and Bat-el Berger

Recent developments in the BRL market , pp 75-80

Central Bank of Brazil

Exchange rate policy and exchange rate interventions: the Chilean experience , pp 81-93

Sebastian Claro and Claudio Soto

Foreign exchange intervention in Colombia , pp 95-125

Hernando Vargas-Herrera, Andres Gonzalez and Diego Rodriguez Guzman

Foreign exchange interventions as an (un)conventional monetary policy tool , pp 127-143

Lubomir Lizal and Jiří Schwarz

Monetary operations under the Currency Board system: the experience of Hong Kong , pp 145-154

Hong Kong Monetary Authority

Foreign currency tenders in Hungary: a tailor-made instrument for a unique challenge , pp 155-168

Csaba Balogh, Áron Gereben, Ferenc Karvalits and György Pulai

Intervention in foreign exchange markets: the approach of the Reserve Bank of India , pp 169-176

Reserve Bank of India

Indonesia: stabilizing the exchange rate along its fundamental , pp 177-187

Perry Warjiyo

Rethinking exchange rate policy in a small open economy: the Israeli experience during the great recession , pp 189-204

Karnit Flug and Amir Shpitzer

Foreign exchange market developments and intervention in Korea , pp 205-213

Sangdai Ryoo, Taeyong Kwon and Hyejin Lee

Foreign exchange intervention in Malaysia , pp 215-222

Norzila Abdul Aziz

Interventions and expected exchange rates in emerging market economies , pp 223-242

Santiago García-Verdú and Manuel Ramos-Francia

Foreign exchange intervention in Peru , pp 243-262

Renzo Rossini, Zenon Quispe and Enrique Serrano

A note on the effectiveness of intervention in the foreign exchange market: the case of the Philippines , pp 263-277

Diwa C Guinigundo

To what extent can central banks influence exchange rates with foreign exchange interventions? The case of Poland , pp 279-291

Michal Adam, Witold Kozinski and Janusz Zielinski

The history of the Bank of Russia's exchange rate policy , pp 293-299

Central Bank of the Russian Federation

Foreign exchange intervention in Saudi Arabia , pp 301-306

Abdulrahman A Al-Hamidy and Ahmed Banafe

An exchange-rate-centred monetary policy system: Singapore's experience , pp 307-315

Ong Chong Tee

Note on the foreign exchange market operations of the South African Reserve Bank , pp 317-323

Daniel Mminele

Foreign exchange policy and intervention under inflation targeting in Thailand , pp 325-333

Bank of Thailand

Alternative tools to manage capital flow volatility , pp 335-352

Koray Alper, Hakan Kara and Mehmet Yorukoglu

Foreign exchange intervention by emerging market economies: issues and implications , pp 353-357

Saif Hadef Al Shamsi

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