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

Victor Pontines; Ramkishen Rajan

doi:10.1016/j.econlet.2011.01.022

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 journal › Article › peer-review

52 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 language	English
Pages (from-to)	252-255
Number of pages	4
Journal	Economics Letters
Volume	111
Issue number	3
DOIs	https://doi.org/10.1016/j.econlet.2011.01.022
Publication status	Published - Jun 2011

Keywords

Asymmetry
Emerging Asia
Intervention
NEER
Reserves

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10.1016/j.econlet.2011.01.022

Cite this

@article{5f14580cc47446f78aa94275fb8a2e0a,

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

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.",

keywords = "Asymmetry, Emerging Asia, Intervention, NEER, Reserves",

author = "Victor Pontines and Ramkishen Rajan",

year = "2011",

month = jun,

doi = "10.1016/j.econlet.2011.01.022",

language = "English",

volume = "111",

pages = "252--255",

journal = "Economics Letters",

issn = "0165-1765",