How effective is central bank exchange market intervention? Case study : the Reserve Bank of Australia

Schlünzen, Astrid B. (1993). How effective is central bank exchange market intervention? Case study : the Reserve Bank of Australia Honours Thesis, School of Economics, University of Queensland.

       
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Author Schlünzen, Astrid B.
Thesis Title How effective is central bank exchange market intervention? Case study : the Reserve Bank of Australia
School, Centre or Institute School of Economics
Institution University of Queensland
Publication date 1993
Thesis type Honours Thesis
Total pages 129
Language eng
Subjects 14 Economics
Formatted abstract This paper reviews and critically assesses theoretical and empirical exchange market intervention literature. The rationale for, and the channels of influence of intervention are discussed. This paper includes a summary of empirical research undertaken to evaluate the effectiveness of intervention. Further, this study examines the interventionist behaviour of the Reserve Bank of Australia (RBA). The hypothesis of RBA intervention effectiveness has been tested by applying the Johansen multicointegration testing technique to an optimal control model. The concept of Cointegration and the Johansen multicointegration technique are explained in detail. The results of this study do not support the notion of the RBA implementing an optimum control rule. Thus it was concluded that the RBA does not intervene effectively in the foreign exchange market.

 
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