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Currency intervention, also known as foreign exchange market intervention, or currency manipulation, occurs when a government buys or sells foreign currency to push the exchange rate of its own currency away from equilibrium value or to prevent the exchange rate from moving toward its equilibrium value. Generally, central banks intervene in foreign exchange markets in order to achieve a variety of overall economic objectives: controlling inflation, maintaining competitiveness, or maintaining financial stability. The precise objectives of policy and how they are reflected in currency manipulation depend on a number of factors, including the stage of a country’s development, the degree of financial market development and integration, and the country’s overall vulnerability to shocks.〔Joseph E. Gagnon, “Policy Brief 12-19”, Peterson Institute for International Economic, 2012.〕 ==Purposes== There are many reasons why a country's monetary and/or fiscal authority may want to intervene in the foreign exchange market. Central banks are in a general consensus in regard to the primary objective of foreign exchange market intervention: to adjust the volatility or changing the level of the exchange rate. Governments prefer to stabilize the exchange rate because excessive short-term volatility erodes market confidence and affects both the financial market and the real goods market. When there is an inordinate instability, exchange rate uncertainty generates extra costs and reduces profits for firms. As a result, investors are unwilling to make investment in foreign financial assets. Firms are reluctant to engage in the international trade. Moreover, the exchange rate fluctuation would spill over into the financial markets. If the exchange rate volatility increases the risk of holding domestic assets, then prices of these assets would also become more volatile. The increased volatility of financial markets would threaten the stability of the financial system and make monetary policy goals more difficult to attain. Therefore, authorities conduct currency intervention. In addition, when economic condition changes or when the market misinterprets economic signals, authorities use foreign exchange intervention to correct exchange rates, in order to avoid overshooting of either direction. Today, forex market intervention is largely used by the central banks of developing countries, and less so by developed countries. There are a few reasons why most developed countries no longer actively intervene: * Research and experience suggest that the instrument is only effective (at least beyond the very short term) if seen as foreshadowing interest rate or other policy adjustments. Without a durable and independent impact on the nominal exchange rate, intervention is seen as having no lasting power to influence the real exchange rate and thus competitive conditions for the tradable sector. *Large-scale intervention can undermine the stance of monetary policy. *Private financial markets have enough capacity to absorb and manage shocks - so that there is no need to “guide” the exchange rate. Developing countries, on the other hand, do sometimes intervene, presumably because they believe the instrument to be an effective tool in the circumstances and for the situations they face. Objectives include: to control inflation, to achieve external balance or enhance competitiveness to boost growth, or to prevent currency crises, such as large depreciation/appreciation swings.〔Bank for International Settlements, BIS Paper No. 24, ''Foreign exchange market intervention in emerging markets: motives, techniques and implications'', (2005).〕 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Currency intervention」の詳細全文を読む スポンサード リンク
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