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Central bank intervention policy und...

Yang, Su-Yuan.

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Central bank intervention policy under managed floating exchange rates: The case of Taiwan.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Central bank intervention policy under managed floating exchange rates: The case of Taiwan./
Author:	Yang, Su-Yuan.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 1995,
Description:	113 p.
Notes:	Source: Dissertation Abstracts International, Volume: 57-09, Section: A, page: 4067.
Contained By:	Dissertation Abstracts International57-09A.
Subject:	Finance. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=9705275
ISBN:	9780591119534

Central bank intervention policy under managed floating exchange rates: The case of Taiwan.
Yang, Su-Yuan.

Central bank intervention policy under managed floating exchange rates: The case of Taiwan. - Ann Arbor : ProQuest Dissertations & Theses, 1995 - 113 p.

Source: Dissertation Abstracts International, Volume: 57-09, Section: A, page: 4067.

Thesis (Ph.D.)--University of Missouri - Columbia, 1995.

This dissertation examines Taiwan's intervention policy and performance beginning with the establishment of Taiwan's foreign exchange market in February 1979. Structural and reduced-form models are utilized to classify Taiwan's intervention strategy. Two measures of intervention effectiveness, profit criterion and stabilization, are used in testing. The data is divided into three subperiods to test for structural changes.

ISBN: 9780591119534Subjects--Topical Terms:

542899
Finance.

Central bank intervention policy under managed floating exchange rates: The case of Taiwan.
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020 $a 9780591119534
035 $a (MiAaPQ)AAI9705275
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100 1 $a Yang, Su-Yuan. $3 3283537
245 1 0 $a Central bank intervention policy under managed floating exchange rates: The case of Taiwan.
260 1 $a Ann Arbor : $b ProQuest Dissertations & Theses, $c 1995
300 $a 113 p.
500 $a Source: Dissertation Abstracts International, Volume: 57-09, Section: A, page: 4067.
500 $a Superviser: Ronald A. Ratti.
502 $a Thesis (Ph.D.)--University of Missouri - Columbia, 1995.
520 $a This dissertation examines Taiwan's intervention policy and performance beginning with the establishment of Taiwan's foreign exchange market in February 1979. Structural and reduced-form models are utilized to classify Taiwan's intervention strategy. Two measures of intervention effectiveness, profit criterion and stabilization, are used in testing. The data is divided into three subperiods to test for structural changes.
520 $a The findings indicate that first, Taiwan's intervention strategy changed over time. Intervention strategy changed from an initial "leaning against the wind" policy to fight private speculation to a mixed policy of "leaning against the wind and pegging" to calm the disorderly market, and to a "leaning with the wind" policy to support the current exchange rate trend. Second, there is no statistically significant evidence of asymmetry in intervention. Third, a portfolio adjustment proxy variable has picked up a strong effect on Taiwan's central bank intervention behavior. Fourth, prior to 1989, intervention supported a huge expansion of Taiwan's monetary base. However, subsequent to 1989, "leaning with the wind" intervention has been profitable and successful. Finally, Taiwan's frequent and heavy intervention has stabilized the short-term NT$-U.S. dollar exchange rate movements.
590 $a School code: 0133.
650 4 $a Finance. $3 542899
650 4 $a Banking. $2 bicssc $3 1557594
690 $a 0508
690 $a 0770
710 2 $a University of Missouri - Columbia. $3 1017522
773 0 $t Dissertation Abstracts International $g 57-09A.
790 $a 0133
791 $a Ph.D.
792 $a 1995
793 $a English
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=9705275