The Effectiveness of Foreign-Exchange Intervention: Recent Experience

Maurice Obstfeld

60 citations0/0 files storedNational Bureau of Economic Research

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Global Financial Crisis and Policies Monetary Policy and Economic Impact Economic Theory and Policy

Abstract

But ultimately there are limits to what can be achieved by a pure intervention policy.The monetary crises under the Bretton Woods system showed that powerful market trends cannot be suppressed through exchange market interventions by central banks, and more recent monetary history has reaffirmed this.

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2003Official Intervention in the Foreign Exchange Market 2004The Empirics of Foreign Exchange Intervention in Emerging Markets 1990The Foreign Exchange Risk Premium in a Target Zone with Devaluation Risk 1995Long-run relations among the G-5 and G-7 equity markets: Evidence on the Plaza and Louvre Accords 1991Foreign exchange market intervention and domestic monetary control in Japan, 1973–1989 1992Policy Issues in the Evolving International Monetary System 1992Capital Inflows and Real Exchange Rate Appreciation in Latin America 1991What has foreign exchange market intervention since the Plaza Agreement accomplished?

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