RDP 2004-06: Profitability of Reserve Bank Foreign Exchange Operations: Twenty Years After the Float References
September 2004
- Download the Paper 585KB
Andrew R and J Broadbent (1994), ‘Reserve Bank operations in the foreign exchange market: effectiveness and profitability’, Reserve Bank of Australia Research Discussion Paper No 9406.
Edison H (1993), ‘The effectiveness of central-bank intervention: a survey of the literature after 1982’, Special Papers in International Economics No 18.
Edison H, PA Cashin and H Liang (2003), ‘Foreign exchange intervention and the Australian dollar: has it mattered?’, IMF Working Paper No 03/99.
Fatum R (2000), ‘On the effectiveness of sterilized foreign exchange intervention’, European Central Bank Working Paper No 10.
Fraser BW (1992), ‘Australia's recent exchange rate experience’, Reserve Bank of Australia Bulletin, June, pp 1–8.
Friedman M (1953), ‘The case for flexible exchange rates’, Essays on Positive Economics, University of Chicago Press, Chicago, pp 157–203.
Hopkins S and J Murphy (1997), ‘Do interventions contain information? Evidence from the Australian foreign exchange market’, Australian Journal of Management, 22(2), pp 199–218.
Hutcheson T (2003), ‘Exchange rate movements as explained by dealers’, Economic Papers, 22(3), pp 35–46.
Kearns J and R Rigobon (2003), ‘Identifying the efficacy of central bank interventions: evidence from Australia’, Reserve Bank of Australia Research Discussion Paper No 2003–04.
Kim S-J, T Kortian and J Sheen (1999), ‘Central bank intervention and exchange rate volatility – Australian evidence’, University of Sydney Working Paper No 99–05.
Kim S-J and J Sheen (2002), ‘The determinants of foreign exchange intervention by central banks: evidence from Australia’, Journal of International Money and Finance, 21(5), pp 619–649.
Karunaratne ND (1996), ‘Exchange rate intervention in Australia (December 1983 to May 1993)’, Journal of Policy Modelling, 18(4), pp 397–418.
Macfarlane I (1993), ‘The exchange rate, monetary policy and intervention’, Reserve Bank of Australia Bulletin, December, pp 16–25.
Macfarlane I (1998), Speech to Asia Pacific Forex Congress, Sydney, 27 November 1998, available at <http://www.rba.gov.au/Speeches/1998/sp_gov_271198.html>.
McKenzie M (2004), ‘An empirical examination of the relationship between central bank intervention and exchange rate volatility: some Australian evidence’, Australian Economic Papers, 43(1), pp 59–74.
Rankin B (1998), ‘The exchange rate and the Reserve Bank's role in the foreign exchange market’, available at <http://www.rba.gov.au/Education/exchange_rate.html>.
Rogers JM and PL Siklos (2003), ‘Foreign exchange market intervention in two small open economies: the Canadian and Australian experience’, Journal of International Money and Finance, 22(3), pp 393–416.
Sarno L and MP Taylor (2001), ‘Official intervention in the foreign exchange market: is it effective, and, if so, how does it work?’, Journal of Economic Literature, 39(3), pp 839–868.