Survey of central banks' views on effects of intervention

Abstract

This paper addresses two main issues. First, how do central banks in the emerging market economies assess the effects of their foreign exchange interventions on the exchange rate? Second, how do they view other external effects of intervention, such as the relationship between intervention, reserve accumulation and external vulnerabilities, and the usefulness of additional rules on foreign exchange transactions? The analysis in the paper is based on central bank responses to a BIS questionnaire prepared for this meeting, interviews with central bank staff, and studies of intervention prepared by central banks from emerging market economies.

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