IMF researchers find FX interventions can help tackle pressures from global capital flows
FX interventions can stem appreciation pressures from global flows of capital
Researchers at the International Monetary Fund have found evidence that foreign exchange interventions can be an effective method of resisting the appreciation pressure caused by global capital flows.
The working paper, Can foreign exchange intervention stem exchange rate pressures from global capital flow shocks? by Olivier Blanchard, Gustavo Adler and Irineu Carvalho Filho, tries to circumvent endogeneity problems that have plagued previous attempts.
The authors use country-specific vector
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