000001123 001__ 1123
000001123 005__ 20250211155754.0
000001123 0247_ $$a10.34989/tr-53$$2DOI
000001123 035__ $$a10.34989/tr-53
000001123 041__ $$aeng
000001123 084__ $$aF International Economics$$03061
000001123 084__ $$aF3 International Finance$$03084
000001123 084__ $$aF31 Foreign Exchange$$03086
000001123 084__ $$aG Financial Economics$$03122
000001123 084__ $$aG1 General Financial Markets$$03126
000001123 084__ $$aG14 Information and Market Efficiency; Event Studies; Insider Trading$$03131
000001123 245__ $$aMeasuring the Profitability and Effectiveness of Foreign Exchange Market Intervention: Some Canadian Evidence
000001123 260__ $$bBank of Canada
000001123 269__ $$a1990
000001123 300__ $$a1 online resource (ii, 32 pages)
000001123 336__ $$aText
000001123 347__ $$bPDF
000001123 520__ $$aWhen the major industrial countries decided to move to a system of managed flexible exchange rates following the collapse of the Bretton Woods system, many observers thought that this would reduce, if not eliminate, the need for official foreign exchange market intervention. During the past fifteen years, however, intervention in most countries, including Canada, has risen steadily in both frequency and intensity.  This paper presents new empirical evidence on the profitability and effectiveness of Canadian intervention from 1975 to 1988. The results suggest that the government's foreign exchange operations have been very profitable and have tended to be stabilizing, in the sense that authorities were typically pushing the exchange rate towards its long-run trend and helping to reduce short-run volatility in the market.$$7Abstract
000001123 520__ $$aLorsque, après l'effondrement du système de Bretton Woods, les grands pays industriels ont décidé d'adopter un régime de changes flexibles contrôlés, de nombreux observateurs croyaient que cela réduirait ou même éliminerait la nécessité des interventions officielles sur les marchés des changes. Or, depuis quinze ans, la fréquence et le volume des interventions augmentent régulièrement dans la plupart des pays, y compris le Canada.  L'étude présente de nouveaux résultats empiriques concernant la rentabilité et l'efficacité des interventions de l'État canadien entre 1975 et 1988. D'après ces résultats, les opérations sur devises de l'État canadien ont été très rentables et ont eu tendance à stabiliser le marché des changes, en ce sens que les autorités, orientant généralement le taux de change vers sa tendance à long terme, contribuaient à réduire sa volatilité à court terme sur le marché.$$7Résumé
000001123 540__ $$aCreative Commons Attribution 4.0 International$$uhttps://creativecommons.org/licenses/by/4.0/legalcode$$fCC-BY-4.0
000001123 6531_ $$aExchange rates
000001123 6531_ $$aTaux de change
000001123 7001_ $$aMurray, John
000001123 7001_ $$aZelmer, Mark
000001123 7001_ $$aWilliamson, Shane
000001123 8301_ $$aTechnical Report
000001123 8301_ $$aRapport technique
000001123 8564_ $$uhttps://www.oar-rao.bank-banque-canada.ca/record/1123/files/Measuring%20the%20Profitability%20and%20Effectiveness%20of%20Foreign%20Exchange%20Market%20Intervention-Some%20Canadian%20evidence.pdf$$9068384b2-2f07-4df8-8b54-7afa74f993d4$$s3523543$$zFile Source: Digitized from the Bank of Canada Archives, 2024
000001123 909CO $$ooai:www.oar-rao.bank-banque-canada.ca:1123$$pbibliographic
000001123 980__ $$aStaff Research
000001123 980__ $$aRDM
000001123 980__ $$aDigitized
000001123 991__ $$aPublic