Analyses about communication and use of foreign exchange interventions

中央银行，特别是新兴经济体和发展中经济体的中央银行，经常干预外汇市场，以影响本国货币的汇率，从而稳定经济。不幸的是，几乎没有关于这些干预措施的任何行政数据，这将分析范围限制在国别研究或需要使用非常不精确的数据近似值。因此，本项目将以根项目中产生的干预措施数据为基础，对其进行更新和提炼。这些新数据有助于实现四个目标：作为本文献的一项创新，将分析当局的沟通如何在干预的背景下使用，以及它如何影响汇率。此外，新的数据允许对资本管制和宏观生产监管的干预进行综合分析，这三种工具通常在新兴经济体中同时使用。第三，该项目建立在对干预对金融部门产生持续影响这一根项目的洞察之上，并测试了干预对实体经济的潜在直接影响。最后，该项目将汇编有关外汇储备的异构存储数据（可用于外汇干预），以完善干预数据库并了解中央银行的干预意愿。

Central banks, in particular from emerging and developing economies, intervene frequently on foreign exchange markets in order to influence the exchange rate of their domestic currency and thus to stabilize the economy. Unfortunately, there are hardly any administrative data about these interventions available, which limits the scope of analyses to country studies or requires to use very imprecise data approximations. Therefore this project will build on a data basis about interventions that was generated in the root project by updating and refining it. This new data allow to contribute to four objectives: As an innovation in this literature it will be ana-lyzed how communication by authorities is used in the context of interventions and how it can impact the exchange rate. Moreover, the new data allow a combined analysis of interventions with capital controls and macroprodentuial regulation, three tools that are often used together in emerging economies. Third, the project builds on the insight of the root project that interven-tions have persistent impact on the financial sector and tests their potentially direct impact on the real economy. Finally the project will compile heterogeneously stored data about currency reserves (which can be used for foreign exchange interventions) in order to refine the interven-tion data base and to learn about the willingness of central banks to intervene.