Order Flow and the Real: Indirect Evidence of the Effectiveness of Sterilized Interventions

Emanuel Kohlscheen

No 426, BIS Working Papers from Bank for International Settlements

Abstract: This study presents indirect evidence of the effectiveness of sterilized interventions in Brazil based on the complete records of daily customer order flow data reported by Brazilian dealers, as well as foreign exchange intervention data over a time span of 10 years (2002-2011). We find that the effect of USD sales by end-users on the BRL/USD was much stronger on days in which the BCB did not intervene in the spot foreign exchange market.

Keywords: order flow; intervention; exchange rate (search for similar items in EconPapers)
Pages: 24 pages
Date: 2013-09
New Economics Papers: this item is included in nep-lam
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Citations: View citations in EconPapers (8)

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Related works:
Working Paper: Order Flow and the Real: Indirect Evidence of the Effectiveness of Sterilized Interventions (2012)
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Persistent link: https://EconPapers.repec.org/RePEc:bis:biswps:426

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