Foreign exchange intervention [electronic resource] : a dataset of public data and proxies / by Gustavo Adler [and three others].

[Washington, D.C.] : International Monetary Fund, 2021.©2021

Adler, Gustavo, 1974- author.

International Monetary Fund. issuing body.

01-01-2021

1 online resource (55 pages).

text

online resource

IMF working paper ; no. 21/47

IMF working paper ; no. 21/47.

WEB (Copy 1) INTRANET 1271692-1001 ONLINE

Open item 

Exchange rate management

Foreign exchange markets

Economic models

Overseas item

Statistics

"February 2021"

Includes bibliographical references.

9781513566672

Foreign exchange intervention (FXI) is a highly debated topic. Yet, comprehensive and comparable data on FXI is hard to find. This paper provides a new dataset of FXI covering a large number of countries over the period 2000-20 at monthly and quarterly frequencies. It includes publicly available data for about 40 countries and carefully constructed proxies for 122 countries. Proxies are focused on both spot and derivative transactions that alter the central bank's foreign currency position and account for a wide range of central bank operations, including vis-à-vis residents, the first proxy to do so to our knowledge. The paper discusses the merits of the new proxy relative to coarser measures traditionally used like the change in reserves, and potential definitional differences with published data. The paper also presents stylized facts using our newly constructed FXI proxies.

1271692

1271692-1001

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