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Intervention,Sterilization,and Monetary Control--The empirics of East Asian countries.

by Lin, I-Chun

Abstract (Summary)
In this paper we argue that complete modeling of foreign exchange intervention and sterilization policy. Using an impulse response function and variance decomposition derived from a four-variable vector autoregression model for East Asia, inclusive Indonesia, Korea, Malaysia, Philippines, Singapore, Taiwan, Thailand etc. To explore how monetary authorities responded to exchange rates shock and foreign assets shock in East Asia. The analysis reveals that: (1) The Central Bank in Malaysia and in Singapore tended to use a ¡§leaning against the wind¡¨ exchange rate policy when facing domestic currency depreciation shock. Other countries tended to use a ¡§leaning with the wind¡¨ exchange rate policy. (2) Overall, the monetary base of the East Asia wasn¡¦t completely insulated from the foreign asset shock.
Bibliographical Information:

Advisor:none; none; none; none

School:National Sun Yat-Sen University

School Location:China - Taiwan

Source Type:Master's Thesis

Keywords:east asia sterilization intervention

ISBN:

Date of Publication:06/22/2006

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