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All Journal International Journal of Applied Business Research
Ai Chi Hsu
Associate Professor, Department of Finance, Faculty of Management, National Yunlin University of Science and Technology, Taiwan.
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Industrial & Manufacturing Engineering Social Sciences

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The Analysis of Government Intervention and Stock Market during Crises Periods Fiesty Utami; Ai Chi Hsu
Jurnal Internasional Penelitian Bisnis Terapan Vol 1 No 01 (2019)
Publisher : Politeknik Negeri Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (935.351 KB) | DOI: 10.35313/ijabr.v1i01.40

Abstract

The government, through central banks, has a monetary authority to do an intervention, either directly or indirectly. Central banks do a direct intervention by exchanging reserves to influence the exchange rate and do an indirect intervention by increasing or decreasing the interest rate. However, when the currency crises happen, smoothing the currency movements by doing government intervention may reduce fears in the financial markets. This study examines the government intervention effect in 27 countries on the stock market during the crises periods, either during the Asian currency crises or currency crises of each country. To estimate abnormal returns, this study uses the traditional market model. Then, in the lack of official government intervention data, this study uses the proxy of government intervention to estimate the intervention activities. This study shows that in currency crises periods, the government interventions do not effectively impact exchange rate, stock price, and stock market return.
Co-Authors Fiesty Utami