Can Foreign Exchange Intervention Stem Exchange Rate Pressures from Global Capital Flow Shocks?

Many emerging market economies have relied on foreign exchange intervention (FXI) in response to gross capital inflows. In this paper, we study whether FXI has been an effective tool to dampen the effects of these inflows on the exchange rate. To deal with endogeneity issues, we look at the response

诸多新兴市场经济体在应对总资本流入时，均采用外汇干预（foreign exchange intervention, FXI）作为应对手段。本文旨在探究外汇干预是否为有效工具，可弱化此类资本流入对汇率产生的影响。为解决内生性问题，本文考察了相关响应。