Foreign exchange market intervention and reserve accumulation in emerging Asia: Is there evidence of fear of appreciation?

被引：45
|
作者：
Pontines, Victor [2 ]
Rajan, Ramkishen S. [1 ,3 ]
机构：
[1] George Mason Univ, Sch Publ Policy, Fairfax, VA 22030 USA
[2] Flinders Univ S Australia, Flinders Business Sch, Adelaide, SA 5001, Australia
[3] Inst SE Asian Studies, Singapore, Singapore
来源：
ECONOMICS LETTERS | 2011年 / 111卷 / 03期
关键词：
Asymmetry; Emerging Asia; Intervention; NEER; Reserves; INTERNATIONAL RESERVES; RATE REGIMES;
D O I：
10.1016/j.econlet.2011.01.022
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Asian central banks react more strongly to currency appreciations than depreciations and more to nominal effective exchange rates (NEERs) than to bilateral US dollar rates. This rationalizes the relative exchange rate stability and the sustained reserve accumulation in the region. (C) 2011 Elsevier B.V. All rights reserved.
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页码：252 / 255
页数：4
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