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3 mars 2025
- ISIDORE Id: 10670/1.769171...
- hal: hal-05008812
http://creativecommons.org/licenses/by-nc-nd/ , info:eu-repo/semantics/OpenAccess
Mots-clés
Exchange Rate Central Bank Interventions Asset Pricing E - Macroeconomics and Monetary Economics/E.E4 - Money and Interest Rates/E.E4.E44 - Financial Markets and the Macroeconomy E - Macroeconomics and Monetary Economics/E.E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit/E.E5.E58 - Central Banks and Their Policies F - International Economics/F.F3 - International Finance/F.F3.F31 - Foreign Exchange G - Financial Economics/G.G1 - General Financial Markets/G.G1.G14 - Information and Market Efficiency • Event Studies • Insider TradingSujets proches
Specie Monetary question Money, Primitive Currency Standard of value Cambistry International exchange Exchange, Foreign Foreign exchange problem Foreign currency Currency exchange FX (Finance) Foreign money ForexCiter ce document
Alex Ferreira et al., « Foreign Exchange Interventions and Intermediary Constraints », HAL SHS (Sciences de l’Homme et de la Société), ID : 10670/1.769171...
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Résumé
The dollar intermediation channel of foreign exchange interventions, a form of the portfolio balance channel,emerges from the imperfect substitutability between domestic currency and USD, the dominant global currency,and financial frictions limiting USD liquidity access. This channel plays a key role in the Banco Central do Brasil’sFX interventions. Using high-frequency data on 8,000+ Brazilian FXI events (1999-2023), we find thatunanticipated spot sales appreciate the domestic currency, reduce covered interest parity deviations, and crowdout private intermediation, especially when intermediaries are constrained. Our results support an extendedGabaix and Maggiori (2015) model, where constrained intermediaries amplify intervention effectiveness.
