publication . Research . Preprint . 1997

Estimating Exchange Market Pressure and the Degree of Exchange Market Intervention for Finland during the Floating Exchange Rate Regime

Pösö, Mika; Spolander, Mikko;
Open Access
  • Published: 02 Apr 1997
  • Publisher: Helsinki: Bank of Finland
Abstract
In this paper, we use a fairly simple monetary macro model to calculate the quarterly measures of exchange market pressure and the degree of the Bank of Finland's intervention during the time the markka was floated. Exchange market pressure measures the size of the exchange rate change that would have occurred if the central bank had unexpectedly refrained from intervening in the foreign exchange market. Intervention activity of the central bank is measured as the proportion of exchange market pressure relieved by foreign exchange interventions. According to the measures, exchange market pressure decreased during the course of the markka float. Looking at the fl...
Subjects
free text keywords: exchange market pressure, floating exchange rate regime, exchange market intervention, exchange market pressure; exchange market intervention; floating exchange rate regime, ddc:330
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publication . Research . Preprint . 1997

Estimating Exchange Market Pressure and the Degree of Exchange Market Intervention for Finland during the Floating Exchange Rate Regime

Pösö, Mika; Spolander, Mikko;