@TechReport{dp-498,
  author        = {Menkhoff, Lukas},
  astring       = {Lukas Menkhoff},
  title         = {Foreign Exchange Intervention in Emerging Markets: A
                  Survey of Empirical Studies},
  month         = {April},
  year          = {2012},
  pages         = {39},
  size          = {433},
  number        = {498},
  language      = {en},
  keywords      = {foreign exchange, central bank intervention, emerging
                  markets, transmission channels},
  jelclass      = {F31, E58, O23},
  abstract      = {Nowadays foreign exchange interventions occur in emerging
                  market economies whereas empirical studies on interventions
                  mainly refer to advanced economies. However, interventions
                  in emerging markets are different from those in advanced
                  economies: they occur "regularly" and central banks have
                  considerable leverage, derived from relatively high
                  reserves, some non-sterilization, the central bank's
                  information advantage and capital controls. Consequently,
                  these interventions often successfully impact the level and
                  volatility of exchange rates. Nevertheless, more research
                  on interventions in emerging markets is needed analyzing
                  the influence of heterogeneous institutional circumstances,
                  examining the role of central bank communication and using
                  high-frequency data.}
}