Transparency versus constructive ambiguity in foreign exchange intervention

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  • 1 January 2003
    • preprint
      • Published in RePEc
Abstract
Based on a survey of 10 central banks and a review of existing literature, this paper examines the choice between transparency versus ambiguity in central banks' foreign exchange intervention. Three case studies - Canada, Hong Kong SAR and Japan - are presented to highlight the problems facing central banks in this choice, and the changes that have been made to cope with those challenges.
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