Some empirical evidence of exchange market pressure in Singapore

Hiroya Akiba*, Yukihiro Iida

*Corresponding author for this work

    Research output: Contribution to journalArticlepeer-review

    1 Citation (Scopus)


    This paper examines an intervention index in the foreign exchange market, applying the quarterly data of the Singapore economy during the 1990's. The intervention index measures intervention activity as the proportion of exchange market pressure relieved by exchange market intervention. Singapore is selected because (1) it is a small open economy and consistent with this empirical study, and (2) it has been affected by speculative attacks. The specific interest is the effectiveness of intervention conducted by the Singapore authority to mitigate exchange market pressure. It is concluded that the overall intervention activity is surprisingly successful over the sample period.

    Original languageEnglish
    Pages (from-to)55-69
    Number of pages15
    JournalSingapore Economic Review
    Issue number1
    Publication statusPublished - 2004 Apr


    • Exchange market pressure
    • Intervention
    • Singapore

    ASJC Scopus subject areas

    • Economics and Econometrics


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