Kiel Working Papers, Kiel Institute for World Economics
No 1160:
The Effectiveness of the Interventions of the Swiss National Bank; An Event-Study Analysis
Christian Pierdzioch and Georg Stadtmann
Abstract: We use the event-study methodology to analyze the
effectiveness of the foreign exchange market interventions conducted by the
Swiss National Bank (SNB) during the period from 1986 through 1995. We find
some evidence that the interventions of the SNB had an impact on exchange
rate dynamics. The significance of this e容ct, however, depends on the
direction of intervention. In general, the evidence suggests that the
interventions of the SNB to strengthen the Swiss franc were more e容ctive
than its interventions to weaken the Swiss franc. We also find that the
results of the tests for the e容ctiveness of the interventions of the SNB
depend upon the length of the pre- and post-event window analyzed.
Keywords: Foreign exchange market, Central bank intervention, Swiss National Bank; (follow links to similar papers)
JEL-Codes: F31; F33; G14; (follow links to similar papers)
20 pages, April 2003
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