IMF paper says competition is a motive for forex intervention by emerging markets

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A working paper, published by the International Monetary Fund (IMF) on March 15, finds "some evidence" that competitiveness is a factor for foreign exchange rate intervention in emerging market economies (EMEs).

The paper – Factors Influencing Emerging Market Central Banks' Decision to Intervene in Foreign Exchange Markets, by Matthew Malloy – uses data from 15 countries "with flexible to moderately managed exchange rates" between 2001 and 2012.

The author confirms that central banks "tend to

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