Efektivita sterilizovaných měnových intervencí
The Effectiveness of Sterilized Foreign Exchange Intervention

Summary/Abstract: After the collapse of Bretton Woods’s system, the foreign exchange interventions have experienced the periods of rises and falls and neither theoretical, nor empirical studies were able to agree on its efficiency. This paper summarizes the results of previous researches, and introduces and evaluates the theoretical transmission channels – the portfolio-balance channel, the signalling channel, and noise trading theory. The greatest attention is given to the noise trading theory, which represents the latest transmission channel and reflects the microstructure of foreign exchange markets

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