官方干预与汇率决定:来自印度的证据

Q2 Economics, Econometrics and Finance

Global Journal of Emerging Market Economies Pub Date : 2021-09-01 DOI:10.1177/09749101211031123

A. Rishad, S. Gupta, A. Sharma

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引用次数: 1

摘要

尽管采用了以市场为导向的制度，印度储备银行明确实行冲销式干预，以使市场的不利发展正常化。本研究旨在寻找经验证据，证明货币当局能够在预期的轨迹中实现其指导汇率的政策目标的强度。本研究采用自回归分布滞后(ARDL)模型来估计中央银行在这方面的反应函数。结果发现，1%的外汇储备购买(净干预)使印度卢比长期贬值0.255%。而在短期内，干预遵循“逆风”政策，以抑制市场的模糊性。研究结果建议，在官方干预政策和货币政策制定之间应该有更协调的方法，以符合经济基本面，以提高干预操作的有效性和可持续性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Official Intervention and Exchange Rate Determination: Evidence from India

Despite the adoption of a market-oriented regime, Reserve Bank of India explicitly practices sterilized intervention to normalize unfavourable developments in the market. This study seeks to find empirical evidence on the intensity to which the monetary authority was able to achieve its policy objective of directing exchange rate in the anticipated trail. The study employed an Autoregressive Distributed Lag (ARDL) model to estimate the central bank reaction function in this regard. It was found that 1% purchase of foreign exchange reserve (net intervention) depreciated Indian Rupee by 0.255% for long-term. Whereas in short-term, intervention followed “leaning against the wind” policy to curb market vagueness. The findings of the study recommend that there should be more coordinated approach between official intervention policy and monetary policy formulation in consonance with the economic fundamentals for increasing the effectiveness and sustainability of the intervention operations.

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来源期刊

Global Journal of Emerging Market Economies Economics, Econometrics and Finance-Economics, Econometrics and Finance (miscellaneous)

CiteScore

2.70

自引率

0.00%

发文量

期刊介绍： Global Journal of Emerging Market Economies is a peer-reviewed journal. The aim of the journal is to provide an international platform for knowledge sharing, discussion and networking on the various aspects related to emerging market economies through publications of original research. It aims to make available basic reference material for policy-makers, business executives and researchers interested in issues of fundamental importance to the economic prospects and performance of emerging market economies. The topics for discussion are related to the following general categories: D. Microeconomics E. Macroeconomics and Monetary Economics F. International Economics G. Financial Economics H. Public Economics I. Health, Education, and Welfare J. Labor and Demographic Economics L. Industrial Organization O. Economic Development, Innovation, Technological Change, and Growth Q. Agricultural and Natural Resource Economics • Environmental and Ecological Economics R. Urban, Rural, Regional, Real Estate, and Transportation Economics Additionally, the journal would be most interested to publish topics related to Global Financial Crisis and the Impact on Emerging Market Economies Economic Development and Inclusive Growth Climate Change and Energy Infrastructure Development and Public Private Partnerships Capital Flows to and from Emerging Market Economies Regional Cooperation Trade and Investment and Development of National and Regional Financial Markets The Belt and Road Initiative.