China’s intervention in the central parity rate: A Bayesian Tobit analysis

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• 作者：He Li ; Zhichao Zhang ; ^{zhichao.zhang@durham.ac.uk} ; Chuanjie Zhang ^{he.li@durham.ac.uk}
• 关键词：C34 ; E58 ; F31
• 刊名：Research in International Business and Finance
• 出版年：2017
• 出版时间：January 2017
• 年：2017
• 卷：39
• 期：part_PA
• 页码：612-624
• 全文大小：726 K
• 卷排序：39

文摘

This paper applies a Bayesian Tobit approach to investigate the determinants of China’s daily price intervention decision. Through using IFV model, we construct a Daily Intervention Index. China’s intervention decision is followed by the leaning-against-the-wind policy, and conditions of domestic economy and foreign market. The objectives of China’s intervention change not only over time, but also between high and low interventions.