dc.contributor |
Universitat Rovira i Virgili. Departament d'Economia |
dc.contributor.author |
Ferré Carracedo, Montserrat |
dc.contributor.author |
Manzano, Carolina |
dc.date.accessioned |
2008-04-07T18:10:57Z |
dc.date.available |
2008-04-07T18:10:57Z |
dc.date.created |
2007 |
dc.date.issued |
2007 |
dc.identifier.issn |
1988 - 0812 |
dc.identifier.other |
T - 1887 - 2007 |
dc.identifier.uri |
http://hdl.handle.net/2072/5317 |
dc.format.extent |
35 |
dc.format.extent |
388774 bytes |
dc.format.mimetype |
application/pdf |
dc.language.iso |
eng |
dc.relation.ispartofseries |
Documents de treball del Departament d'Economia;2007-07 |
dc.rights |
Aquest document està subjecte a una llicència d'ús de Creative Commons, amb la qual es permet copiar, distribuir i comunicar públicament l'obra sempre que se'n citin l'autor original, la universitat i el departament i no se'n faci cap ús comercial ni obra derivada, tal com queda estipulat en la llicència d'ús (http://creativecommons.org/licenses/by-nc-nd/2.5/es/) |
dc.subject.other |
Canvi exterior |
dc.subject.other |
Mercat exterior |
dc.subject.other |
Bancs centrals |
dc.title |
When do central banks prefer to intervene secretly? |
dc.type |
info:eu-repo/semantics/workingPaper |
dc.subject.udc |
339 - Comerç. Relacions econòmiques internacionals. Economia mundial. Màrqueting |
dc.description.abstract |
Central banks often intervene secretly in the foreign exchange market. This secrecy
seems to be at odds with the signalling channel. In this article we will analyse when
a central bank intervening in the foreign exchange rate market purely through the
signalling channel would prefer to act secretly or publicly. By using a microstructure model, we will show that the consistency of the intervention with fundamentals, the volume of noise trading, the weight given to the effectiveness of intervention and the degree of superior information held by the central bank will influence the decision to intervene secretly or publicly. Keywords: foreign exchange intervention, market microstructure. JEL Classifi cation: D82, E58, F31, G14. |