Replication data for: When Is Foreign Exchange Intervention Effective? Evidence from 33 Countries

Principal Investigator(s): View help for Principal Investigator(s) Marcel Fratzscher; Oliver Gloede; Lukas Menkhoff; Lucio Sarno; Tobias Stöhr

Version: View help for Version V1

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Project Citation:

Fratzscher, Marcel, Gloede, Oliver, Menkhoff, Lukas, Sarno, Lucio, and Stöhr, Tobias. Replication data for: When Is Foreign Exchange Intervention Effective? Evidence from 33 Countries. Nashville, TN: American Economic Association [publisher], 2019. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E114131V1

Project Description

Summary: This paper examines foreign exchange intervention based on novel daily data covering 33 countries from 1995 to 2011. We find that intervention is widely used and an effective policy tool, with a success rate in excess of 80 percent under some criteria. The policy works well in terms of smoothing the path of exchange rates, and in stabilizing the exchange rate in countries with narrow band regimes. Moving the level of the exchange rate in flexible regimes requires that some conditions are met, including the use of large volumes and that intervention is made public and supported via communication.

Scope of Project

JEL Classification:
      E52 Monetary Policy
      E58 Central Banks and Their Policies
      F31 Foreign Exchange
      F33 International Monetary Arrangements and Institutions
      O19 International Linkages to Development; Role of International Organizations
      O24 Development Planning and Policy: Trade Policy; Factor Movement; Foreign Exchange Policy

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V1 [2019-10-12]

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