Exchange Rate Rebounds after Foreign Exchange Market Interventions
Exchange Rate Rebounds after Foreign Exchange Market Interventions
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外汇市场干预后汇率反弹
DOI：
10.1016/j.physa.2016.11.044
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发表时间：
2017
期刊：
影响因子：
--
通讯作者：
Takeshi
中科院分区：
文献类型：
--
作者：
Hoshikawa;Takeshi
本研究考察外汇干预后的汇率反弹。当干预非常有效时，汇率在第二天反弹。干预后的反弹使干预效果略有降低。如果没有日本政府自1991年以来实施的746911亿日元的卖/买干预，日元对美元的汇率可能是67.12-77.47日元，而2014年3月底的实际汇率是103.19日元对美元。
This study examined the rebounds in the exchange rate after foreign exchange intervention. When intervention is strongly effective, the exchange rate rebounds at next day. The effect of intervention is reduced slightly by the rebound after the intervention. The exchange rate might have been 67.12–77.47 yen to a US dollar without yen-selling/dollar-purchasing intervention of 74,691,100 million yen implemented by the Japanese government since 1991, in comparison to the actual exchange rate was 103.19 yen to the US dollar at the end of March 2014.