【摘要】 在评估汇率干预有效性的过程中 ,研究者根据两种理论假设 ,探讨汇率干预的效应。一是使用资产组合平衡理论研究汇率干预的效应 ,二是根据信号传递理论研究汇率干预的效应。当前研究主要集中探讨中央银行是否是一个信息交易者以及中央银行汇率干预对外汇市场信息结构的影响。当市场参与者认为中央银行是一个信息交易者时 ,汇率干预有时会影响汇率。市场微观结构理论的应用是汇率干预理论研究中很有前景的一个方向更多还原

【Abstract】 In the process of evaluating the intervention effect, researchers rely on two theoretical hypotheses: one is the portfolio-balance theories, the other is the signaling theory. Recently researchers mainly focus on whether the central bank is an information trader and the influence of intervention on the information structure of the foreign exchange market. When market participants consider the central bank as an information trader, the intervention sometimes may influence exchange rates. The application of the market microstructure theory in the research of intervention is a very promising direction.更多还原