Dread of Depreciation: Measuring Real Exchange Rate Interventions
2002; International Monetary Fund; Volume: 02; Issue: 63 Linguagem: Inglês
10.5089/9781451848434.001
ISSN2227-8885
Autores Tópico(s)Economic Theory and Policy
ResumoThe views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the lMF or IMF policy.Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.We specify an empirical framework to detect the effects of official intervention on real exchange rate dynamics.Using data for 27 advanced and emerging market economies, we find evidence that interventions are a near-universal practice; almost all countries intervene when real exchange rates depreciate; interventions reduce the degree of persistence in real exchange rates; and the defense of an overvalued currency tends to be contractionary.
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