This paper is the first attempt to assess the impact of official FOREX interventions of the three major central banks … Bayesian framework developed by Bos and Shephard (2004). Our results show that in general, the concerted interventions tend to … affect the dynamics of both currency components of the exchange rate. In contrast, unilateral interventions are found to …

Peru due to interventions implemented by these countries. For this purpose, we first estimate the risk-neutral densities of … model, we assess possible effects on the distributions of the expected exchange rates due to these interventions. We find … economically significant. On the other hand, we find evidence that interventions which objective is to restore and/or assure the …