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首页> 外文期刊>Journal of policy modeling >The relative effectiveness of sterilized and non sterilized foreign exchange market interventions
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The relative effectiveness of sterilized and non sterilized foreign exchange market interventions

机译：灭菌和非灭菌外汇市场干预的相对有效性

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摘要

This paper examines the impact of non sterilized and sterilized foreign exchange market operations on both the exchange rate and domestic interest rate within the context of a rational expectations portfolio balance model. The results show that non sterilized intervention will be more effective than sterilized intervention in affecting both the exchange rate and domestic interest rate. Both types of operations affect a market risk premium that is shown to be a function of relative asset supplies in the hands of the private sector. When domestic and foreign bonds are perfect substitutes, the risk premium vanishes and so to does the effectiveness of sterilized foreign exchange market interventions.
机译：本文在理性预期投资组合平衡模型的背景下，研究了非灭菌和灭菌的外汇市场操作对汇率和国内利率的影响。结果表明，非灭菌干预在影响汇率和国内利率方面将比灭菌干预更为有效。两种类型的操作都会影响市场风险溢价，而市场风险溢价是私营部门手中相对资产供应的函数。当国内外债券是完美的替代品时，风险溢价就消失了，对冲外汇市场干预的有效性也就消失了。

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