Foreign exchange intervention policy: With or without transparency? The case of Japan (notice n° 593877)
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| fixed length control field | 03057cam a2200277 4500500 |
| 005 - DATE AND TIME OF LATEST TRANSACTION | |
| control field | 20250121150653.0 |
| 041 ## - LANGUAGE CODE | |
| Language code of text/sound track or separate title | fre |
| 042 ## - AUTHENTICATION CODE | |
| Authentication code | dc |
| 100 10 - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Gnabo, Jean-Yves |
| Relator term | author |
| 245 00 - TITLE STATEMENT | |
| Title | Foreign exchange intervention policy: With or without transparency? The case of Japan |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. | |
| Date of publication, distribution, etc. | 2008.<br/> |
| 500 ## - GENERAL NOTE | |
| General note | 95 |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | RésuméCet article analyse différents aspects de la transparence des politiques de change. Il se concentre plus précisément sur l’évolution du degré de transparence de la politique de change japonaise au cours de ces dernières années et sur son impact sur la perception des agents. Pour conduire l’analyse, une base de données caractérisant la nature de la politique d’intervention et la perception du marché sur la période 1991 to 2004 a été créée. Les résultats montrent que différentes stratégies furent adoptées au cours du temps. Ces stratégies ont un impact contrasté sur la perception du marché. Il apparaît en particulier que les discours dévoilant les préférences des autorités en terme de taux de change (interventions orales) introduisent de la confusion dans le marché. À l’inverse, les discours visant à confirmer une intervention réelle (i.e. transaction sur le marché des changes) sont accompagnés de moins d’incertitude. Ces résultats suggèrent que les interventions sont un instrument utile pour les banques centrales, à condition que les autorités interviennent et parlent au marché de manière appropriée.Classification JEL : E58 ; F31 ; G15. |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | This paper examines different aspects of transparency in the foreign exchange policy. More precisely, it analyses how transparency evolved over the last decades in Japan and how market participants reacted to the changes in transparency. For this, we create a dataset capturing the main features of the central bank policy and market perception from 1991 to 2004. Our results suggest that Japanese authorities adopted several changes in their policy, sometimes practicing transparency and sometimes ambiguity. These changes had contrasted impact on market perception: frequent statements revealing the preferences of the central bank regarding the exchange rate level confused the markets, while those designed to confirm an actual intervention reduced uncertainty. These results suggest that, in general, actual interventions should still be considered, provided that the authorities talk to the market and intervene in an appropriate way. JEL Classification: E58; F31; G15. |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | interventions de banque centrale |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | transparence |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | Marché des changes |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | rumeurs |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | Foreign Exchange Market |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | Central Bank Interventions |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | Rumours |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | Transparency |
| 700 10 - ADDED ENTRY--PERSONAL NAME | |
| Personal name | Lecourt, Christelle |
| Relator term | author |
| 786 0# - DATA SOURCE ENTRY | |
| Note | Économie internationale | 113 | 1 | 2008-09-29 | p. 5-34 | 1240-8093 |
| 856 41 - ELECTRONIC LOCATION AND ACCESS | |
| Uniform Resource Identifier | <a href="https://shs.cairn.info/revue-economie-internationale-2008-1-page-5?lang=en&redirect-ssocas=7080">https://shs.cairn.info/revue-economie-internationale-2008-1-page-5?lang=en&redirect-ssocas=7080</a> |
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