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Journal of Zhejiang University SCIENCE A 2002 Vol.3 No.4 P.445-448

http://doi.org/10.1631/jzus.2002.0445


An exchange rate determination model for central banks' interventions in financial markets


Author(s):  LIN Jun-qing, HUANG Zu-hui, ZHAN Ming-hua

Affiliation(s):  College of Management, Zhejiang University, Hangzhou 310029, China

Corresponding email(s): 

Key Words:  Intervention of exchange rate, Financial market, Exchange rate determination


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LIN Jun-qing, HUANG Zu-hui, ZHAN Ming-hua. An exchange rate determination model for central banks' interventions in financial markets[J]. Journal of Zhejiang University Science A, 2002, 3(4): 445-448.

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author="LIN Jun-qing, HUANG Zu-hui, ZHAN Ming-hua",
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Abstract: 
We establish an exchange rate determination model for central banks' in terventions in financial markets. The model shows that central banks can adjust exchange rate by several policy instruments and that different instruments may have different effects on exchange rate determination. It specifies potential policy instruments for central banks as well as their policy effects. Based on these effects, feasible matches of policy instruments in contingent intervention are put forth.

Darkslateblue:Affiliate; Royal Blue:Author; Turquoise:Article

Reference

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[3] Chen, D.S., 1990. Theories of International Finance. China Finance Press. p.269-278, 496-515, 653-694, (in Chinese).

[4] Dornbusch, R.,1989. Exchange Rate and Inflation. Cambridge Press. MIT. p.176-188.

[5] Hodgman, D.R., 1987, Monetary and Exchange Rate Policy. Macmillan Press, London. p.235-41.

[6] Jiang, B.K., 1994. Study on the Free Convertibility of RMB. Shanghai People's Press, Shanghai. p.45-73, (in Chinese).

[7] Sarker, B.M., Marston, R.C.,Kate, W., 1984. Exchange Rate Theory and Practice. University of Chicago Press. Chicago. p.151-169.

[8] Tsing Shochieh, 1959. The theory of forward exchange and effect of government intervention on the forward exchange market. IMF Staff Papers. 33: 12-23.

[9] William, B.H., 1977. Asset Market and Relative Prices in Exchange Rate Determination. In: Reprints in International Finance. Princeton University Press. No. 20: p.2-27.

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