Matches in SemOpenAlex for { <https://semopenalex.org/work/W3121861632> ?p ?o ?g. }
Showing items 1 to 57 of
57
with 100 items per page.
- W3121861632 abstract "Japanese official intervention in the foreign exchange market is of by far the largest magnitude in the world, despite little or no evidence that it is effective in moving exchange rates. Up until recently, however, official data on intervention has not been available for Japan. This paper investigates the effectiveness of intervention using recently published official daily data and an event study methodology. The event study better fits the stochastic properties of intervention and exchange rate data, i.e. intense and sporadic bursts of intervention activity juxtaposed against a yen/dollar rate continuously changing, than standard time-series approaches. Focusing on daily Japanese and US official intervention operations, we identify separate intervention “episodes†and analyze the subsequent effect on the exchange rate. Using the non-parametric sign test and matched-sample test, we find strong evidence that sterilized intervention systemically affects the exchange rate in the short-run (less than one month). This result holds even when intervention is not associated with (simultaneous) interest rate changes, whether or not intervention is “secret†(in the sense of no official reports or rumors of intervention reported over the newswires), and against other robustness checks. Large-scale (amounts over $1 billion) intervention, coordinated with the Bank of Japan and the Federal Reserve working in unison, give the highest success rate. During the period that the Bank of Japan has reduced interbank rates to 0.5 percent and below (from September 1995), however, only one intervention operation has been coordinated with the Fed and the success rate has been correspondingly low." @default.
- W3121861632 created "2021-02-01" @default.
- W3121861632 creator A5062552598 @default.
- W3121861632 creator A5088196334 @default.
- W3121861632 date "2003-04-01" @default.
- W3121861632 modified "2023-10-03" @default.
- W3121861632 title "Effectiveness of Official Daily Foreign Exchange Market Intervention Operations in Japan" @default.
- W3121861632 doi "https://doi.org/10.3386/w9648" @default.
- W3121861632 hasPublicationYear "2003" @default.
- W3121861632 type Work @default.
- W3121861632 sameAs 3121861632 @default.
- W3121861632 citedByCount "22" @default.
- W3121861632 countsByYear W31218616322012 @default.
- W3121861632 crossrefType "report" @default.
- W3121861632 hasAuthorship W3121861632A5062552598 @default.
- W3121861632 hasAuthorship W3121861632A5088196334 @default.
- W3121861632 hasBestOaLocation W31218616321 @default.
- W3121861632 hasConcept C144133560 @default.
- W3121861632 hasConcept C159110408 @default.
- W3121861632 hasConcept C162324750 @default.
- W3121861632 hasConcept C2780665704 @default.
- W3121861632 hasConcept C2983132609 @default.
- W3121861632 hasConcept C536366893 @default.
- W3121861632 hasConcept C556758197 @default.
- W3121861632 hasConcept C71924100 @default.
- W3121861632 hasConceptScore W3121861632C144133560 @default.
- W3121861632 hasConceptScore W3121861632C159110408 @default.
- W3121861632 hasConceptScore W3121861632C162324750 @default.
- W3121861632 hasConceptScore W3121861632C2780665704 @default.
- W3121861632 hasConceptScore W3121861632C2983132609 @default.
- W3121861632 hasConceptScore W3121861632C536366893 @default.
- W3121861632 hasConceptScore W3121861632C556758197 @default.
- W3121861632 hasConceptScore W3121861632C71924100 @default.
- W3121861632 hasLocation W31218616321 @default.
- W3121861632 hasLocation W31218616322 @default.
- W3121861632 hasLocation W31218616323 @default.
- W3121861632 hasLocation W31218616324 @default.
- W3121861632 hasLocation W31218616325 @default.
- W3121861632 hasLocation W31218616326 @default.
- W3121861632 hasLocation W31218616327 @default.
- W3121861632 hasLocation W31218616328 @default.
- W3121861632 hasOpenAccess W3121861632 @default.
- W3121861632 hasPrimaryLocation W31218616321 @default.
- W3121861632 hasRelatedWork W1518583376 @default.
- W3121861632 hasRelatedWork W1608161804 @default.
- W3121861632 hasRelatedWork W1825235009 @default.
- W3121861632 hasRelatedWork W2111671824 @default.
- W3121861632 hasRelatedWork W2357419370 @default.
- W3121861632 hasRelatedWork W2946444736 @default.
- W3121861632 hasRelatedWork W3122858660 @default.
- W3121861632 hasRelatedWork W3125673072 @default.
- W3121861632 hasRelatedWork W3125798273 @default.
- W3121861632 hasRelatedWork W3139822512 @default.
- W3121861632 isParatext "false" @default.
- W3121861632 isRetracted "false" @default.
- W3121861632 magId "3121861632" @default.
- W3121861632 workType "report" @default.