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On the Effectiveness of Central Bank Intervention in the Foreign Exchange Market: The Case of Slovakia, 1999–2007Published in Palgrave Macmillan Ltd.
2018
Volume: 60
Issue: 3
Pages: 442 - 474
Based on intraday high-frequency data, this paper investigates the effect of sterilized interventions on the Slovak koruna/euro exchange rate for different time windows during a period that coincides with Slovakia’s preparation for EU accession and euro adoption. Results confirm a significant relationship between intervention and exchange rate change. The maximum effect of intervention is reflected in the exchange rate change within a couple of hours, and the effect over longer time windows weakens only gradually. The initial impact of sale interventions is stronger than that of purchase interventions. © 2017, Association for Comparative Economic Studies.
Postprint Version
Content may be subject to copyright.This is a post-peer-review, pre-copyedit version of an article published in Comparative Economic Studies. The final auth... ...This is a post-peer-review, pre-copyedit version of an article published in Comparative Economic Studies. The final authenticated version is available online at: https://doi.org/10.1057/s41294-017-0039-z. The following terms of use apply: https://www.springer.com/gp/open-access/publication-policies/aam-terms-of-use.
About the journal
| Journal | Comparative Economic Studies |
|---|---|
| Publisher | Palgrave Macmillan Ltd. |
| ISSN | 08887233 |
Authors (1)
Biswajit Banerjee- Firm Indebtedness, Deleveraging, and Exit: The Experience of Slovenia during the Financial Crisis, 2008–2014*
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- On the Effectiveness of Central Bank Intervention in the Foreign Exchange Market: The Case of Slovakia, 1999–2007
