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

Victor Pontines, Ramkishen Rajan

    Research output: Contribution to journalArticlepeer-review

    42 Citations (Scopus)

    Abstract

    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.

    Original languageEnglish
    Pages (from-to)252-255
    Number of pages4
    JournalEconomics Letters
    Volume111
    Issue number3
    DOIs
    Publication statusPublished - Jun 2011

    Keywords

    • Asymmetry
    • Emerging Asia
    • Intervention
    • NEER
    • Reserves

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