{"id":"https://openalex.org/W1821596933","doi":null,"title":"Foreign exchange intervention: strategies and effectiveness","display_name":"Foreign exchange intervention: strategies and effectiveness","publication_year":2015,"publication_date":"2015-03-01","ids":{"openalex":"https://openalex.org/W1821596933","mag":"1821596933"},"language":"en","primary_location":{"id":"mag:1821596933","doi":null,"is_oa":true,"landing_page_url":"https://www.bis.org/publ/work499.pdf","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"SSRN Electronic Journal","raw_type":null},"volume":null,"type":"preprint","indexed_in":[],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://www.bis.org/publ/work499.pdf","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5070404056","display_name":"Nuttathum Chutasripanich","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Nuttathum Chutasripanich","raw_affiliation_strings":["Bank of Thailand"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Bank of Thailand","institution_ids":[]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5083514395","display_name":"James Yetman","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I52989892","display_name":"Bank for International Settlements","ror":"https://ror.org/00d062t77","country_code":"CH","type":"other","lineage":["https://openalex.org/I52989892"]}],"countries":["CH"],"is_corresponding":false,"raw_author_name":"James Yetman","raw_affiliation_strings":["Bank for International Settlements (BIS)"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Bank for International Settlements (BIS)","institution_ids":["https://openalex.org/I52989892"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":false,"cited_by_count":21,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10503","display_name":"Global Financial Crisis and Policies","score":0.8730000257492065,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10503","display_name":"Global Financial Crisis and Policies","score":0.8730000257492065,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.12479999661445618,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11742","display_name":"Economic Theory and Policy","score":0.0003000000142492354,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/foreign-exchange-intervention","display_name":"foreign exchange intervention","score":0.9980000257492065},{"id":"https://openalex.org/keywords/leaning-against-the-wind","display_name":"leaning against the wind","score":0.9319999814033508},{"id":"https://openalex.org/keywords/intervention-costs","display_name":"intervention costs","score":0.6290000081062317},{"id":"https://openalex.org/keywords/exchange-rate-volatility","display_name":"exchange rate volatility","score":0.8339999914169312},{"id":"https://openalex.org/keywords/speculation","display_name":"speculation","score":0.8600000143051147},{"id":"https://openalex.org/keywords/current-account-imbalances","display_name":"current account imbalances","score":0.7450000047683716},{"id":"https://openalex.org/keywords/central-bank-policy","display_name":"central bank policy","score":0.5550000071525574},{"id":"https://openalex.org/keywords/interest-rate-shocks","display_name":"interest rate shocks","score":0.7139999866485596},{"id":"https://openalex.org/keywords/asian-economies","display_name":"Asian economies","score":0.40799999237060547}],"concepts":[{"id":"https://openalex.org/C47941915","wikidata":"https://www.wikidata.org/wiki/Q107885","display_name":"Speculation","level":2,"score":0.9547168016433716},{"id":"https://openalex.org/C2776988154","wikidata":"https://www.wikidata.org/wiki/Q66100","display_name":"Exchange rate","level":2,"score":0.7574120163917542},{"id":"https://openalex.org/C2780665704","wikidata":"https://www.wikidata.org/wiki/Q959298","display_name":"Intervention (counseling)","level":2,"score":0.6902981400489807},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.6082116365432739},{"id":"https://openalex.org/C91602232","wikidata":"https://www.wikidata.org/wiki/Q756115","display_name":"Volatility (finance)","level":2,"score":0.6077379584312439},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5271317958831787},{"id":"https://openalex.org/C2780233690","wikidata":"https://www.wikidata.org/wiki/Q535347","display_name":"Transparency (behavior)","level":2,"score":0.4756700098514557},{"id":"https://openalex.org/C2992735868","wikidata":"https://www.wikidata.org/wiki/Q66344","display_name":"Central bank","level":3,"score":0.47194117307662964},{"id":"https://openalex.org/C2983132609","wikidata":"https://www.wikidata.org/wiki/Q66076","display_name":"Foreign exchange","level":2,"score":0.4617955684661865},{"id":"https://openalex.org/C536366893","wikidata":"https://www.wikidata.org/wiki/Q66076","display_name":"Foreign exchange market","level":3,"score":0.4463389217853546},{"id":"https://openalex.org/C188198153","wikidata":"https://www.wikidata.org/wiki/Q1613840","display_name":"Limiting","level":2,"score":0.4446231722831726},{"id":"https://openalex.org/C2780980743","wikidata":"https://www.wikidata.org/wiki/Q594063","display_name":"Floating exchange rate","level":3,"score":0.4325900077819824},{"id":"https://openalex.org/C18547055","wikidata":"https://www.wikidata.org/wiki/Q47417","display_name":"International economics","level":1,"score":0.3439384400844574},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.33181440830230713},{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.3124810457229614},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.24593576788902283},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.23256981372833252},{"id":"https://openalex.org/C71924100","wikidata":"https://www.wikidata.org/wiki/Q11190","display_name":"Medicine","level":0,"score":0.07020404934883118},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.06732198596000671},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.06726902723312378},{"id":"https://openalex.org/C38652104","wikidata":"https://www.wikidata.org/wiki/Q3510521","display_name":"Computer security","level":1,"score":0.0},{"id":"https://openalex.org/C78519656","wikidata":"https://www.wikidata.org/wiki/Q101333","display_name":"Mechanical engineering","level":1,"score":0.0},{"id":"https://openalex.org/C118552586","wikidata":"https://www.wikidata.org/wiki/Q7867","display_name":"Psychiatry","level":1,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"mag:1821596933","doi":null,"is_oa":true,"landing_page_url":"https://www.bis.org/publ/work499.pdf","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"SSRN Electronic Journal","raw_type":null},{"id":"mag:3122761668","doi":null,"is_oa":false,"landing_page_url":"https://econpapers.repec.org/RePEc:bis:biswps:499","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"RePEc: Research Papers in Economics","raw_type":null},{"id":"pmh:oai:RePEc:bis:biswps:499","doi":null,"is_oa":false,"landing_page_url":"http://www.bis.org/publ/work499.htm","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"}],"best_oa_location":{"id":"mag:1821596933","doi":null,"is_oa":true,"landing_page_url":"https://www.bis.org/publ/work499.pdf","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"SSRN Electronic Journal","raw_type":null},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":32,"referenced_works":["https://openalex.org/W1484416905","https://openalex.org/W1505455137","https://openalex.org/W1506302481","https://openalex.org/W1513793823","https://openalex.org/W1529624024","https://openalex.org/W1608161804","https://openalex.org/W1824823377","https://openalex.org/W1970069988","https://openalex.org/W1981357111","https://openalex.org/W1988241681","https://openalex.org/W1990353093","https://openalex.org/W1993578859","https://openalex.org/W2011986380","https://openalex.org/W2059346181","https://openalex.org/W2062960027","https://openalex.org/W2075725367","https://openalex.org/W2118644853","https://openalex.org/W2134179363","https://openalex.org/W2163253068","https://openalex.org/W2165556741","https://openalex.org/W2187047024","https://openalex.org/W3121946419","https://openalex.org/W3121987937","https://openalex.org/W3122700636","https://openalex.org/W3123336324","https://openalex.org/W3123769562","https://openalex.org/W3124305668","https://openalex.org/W3124308017","https://openalex.org/W3124354195","https://openalex.org/W3125222110","https://openalex.org/W3125592108","https://openalex.org/W3144280956"],"related_works":["https://openalex.org/W7099408777","https://openalex.org/W7028327391","https://openalex.org/W7096163665","https://openalex.org/W1988241681","https://openalex.org/W1526602618","https://openalex.org/W7098827764","https://openalex.org/W7099632926","https://openalex.org/W3121587918","https://openalex.org/W4285481089","https://openalex.org/W3122726232"],"abstract_inverted_index":{"Foreign":[0],"exchange":[1,28,70,95,131,170],"intervention":[2,24,83,90,121,124],"has":[3],"been":[4],"actively":[5],"used":[6],"as":[7],"a":[8,44,107,161],"policy":[9],"tool":[10],"in":[11,14,168,179],"many":[12],"economies":[13],"Asia":[15],"and":[16,31,54,81,110,120],"elsewhere.":[17],"In":[18],"this":[19,182],"paper,":[20],"we":[21,86],"examine":[22],"two":[23],"rules":[25,64],"(leaning":[26],"against":[27,33,65],"rate":[29,96,132,138],"misalignment":[30],"leaning":[32],"the":[34,55,60,69,102,173],"wind),":[35],"utilised":[36],"with":[37,47],"varying":[38],"degrees":[39],"of":[40,50,62,104,116,143,163],"transparency,":[41],"based":[42],"on":[43],"simple":[45],"model":[46],"three":[48],"kinds":[49],"agents:":[51],"fundamentalists,":[52],"speculators":[53],"central":[56,158],"bank.":[57],"We":[58],"assess":[59],"effectiveness":[61],"these":[63],"five":[66],"criteria:":[67],"stabilising":[68],"rate,":[71],"reducing":[72],"current":[73],"account":[74],"imbalances,":[75],"discouraging":[76],"speculation,":[77,105,117],"minimising":[78],"reserves":[79,118],"volatility":[80,119],"limiting":[82],"costs.":[84,122],"Overall":[85],"find":[87],"no":[88],"dominant":[89],"strategy.":[91],"Intervention":[92],"that":[93,157,175],"reduces":[94,101],"volatility,":[97],"for":[98],"example,":[99],"also":[100],"risks":[103],"creating":[106],"feedback":[108],"loop":[109],"potentially":[111],"leading":[112],"to":[113,147],"high":[114],"levels":[115],"These":[123],"costs":[125],"will":[126],"be":[127],"especially":[128],"large":[129],"when":[130,166],"movements":[133],"are":[134],"driven":[135],"by":[136],"interest":[137],"shocks,":[139],"although":[140],"some":[141],"degree":[142],"opaqueness":[144],"can":[145],"help":[146],"reduce":[148],"them.":[149],"Survey":[150],"evidence":[151],"from":[152],"BIS":[153],"(2005,":[154],"2013)":[155],"indicates":[156],"banks":[159],"follow":[160],"range":[162],"different":[164,176],"strategies":[165,177],"intervening":[167],"foreign":[169],"rates.":[171],"Given":[172],"trade-offs":[174],"entail":[178],"our":[180],"model,":[181],"is":[183],"not":[184],"surprising.":[185]},"counts_by_year":[{"year":2025,"cited_by_count":1},{"year":2024,"cited_by_count":1},{"year":2023,"cited_by_count":1},{"year":2021,"cited_by_count":3},{"year":2020,"cited_by_count":4},{"year":2019,"cited_by_count":2},{"year":2018,"cited_by_count":3},{"year":2017,"cited_by_count":4},{"year":2016,"cited_by_count":1},{"year":2015,"cited_by_count":1}],"updated_date":"2026-10-16T09:59:22.235173","created_date":"2016-06-24T00:00:00"}
