On the Short Term Objectives of Daily Intervention by the Deutsche Bundesbank and the Federal Reserve System in the U.S. Dollar – Deutsche Mark Exchange Market

Eij inge , S. C. W.; G uij e s, A. P. D. A icle On he Sho Te m Objec i es o Daily In e en ion by he Deu sche Bundesbank and he Fede al Rese e Sys em in he U.S. Dolla – Deu sche Ma k Exchange Ma ke K edi und Kapi al P o ided in Coope a ion wi h: Duncke & Humblo , Be lin Sugges ed Ci a ion: Eij inge , S. C. W.; G uij e s, A. P. D. (1991) : On he Sho Te m Objec i es o Daily In e en ion by he Deu sche Bundesbank and he Fede al Rese e Sys em in he U.S. Dolla – Deu sche Ma k Exchange Ma ke , K edi und Kapi al, ISSN 0023-4591, Duncke & Humblo , Be lin, Vol. 24, Iss. 1, pp. 50-72, h ps://doi.o g/10.3790/ccm.24.1.50 This Ve sion is a ailable a : h ps://hdl.handle.ne /10419/293191 S anda d-Nu zungsbedingungen: Die Dokumen e au EconS o dü en zu eigenen wissenscha lichen Zwecken und zum P i a geb auch gespeiche und kopie we den. Sie dü en die Dokumen e nich ü ö en liche ode komme zielle Zwecke e iel äl igen, ö en lich auss ellen, ö en lich zugänglich machen, e eiben ode ande wei ig nu zen. 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In oduc ion In his s udy he objec i es o o icial in e en ion by cen al banks in he U.S. dolla - Deu sche Ma k exchange ma ke will be examined, in pa icu- la o he sho un1. We will y o de e mina e empi ically he sho e m eac ion unc ions wi h ega d o he dolla -DM exchange ma ke in e en- ion by he Deu sche Bundesbank and/o he Fede al Rese e Sys em. Fu - he mo e, we will s udy he deg ee o coo dina ion be ween he exchange ma ke in e en ions o bo h cen al banks. Finally, we will examine he e ec o exchange ma ke unce ain y on he Bundesbank and/o Fede al Rese e in e en ions in he sho un. The poin s o depa u e o his empi al s udy a e he ollowing ou . Fi s ly, he s udy concen a es on in e en ion o bo h cen al banks in he spo dolla -DM exchange ma ke . The e o e, we ake no accoun o in e - en ion in he o wa d dolla -DM exchange ma ke , no in e en ion in membe cu encies by he Bundesbank as a consequence o he commi - men s wi hin he Eu opean Mone a y Sys em (EMS)2. Secondly, he s udy uses daily obse a ions o he o icial in e en ions in he dolla -DM exchange ma ke . In his espec i comp ises an empi ical no el y. * The a icle o igina es om a Visi ing Schola ship o D . Syl es e Eij inge a he Deu sche Bundesbank du ing he Summe o 1988. The au ho s a e g a e ul o P o esso s Helmu Schlesinge and Leonha d Gleske and M . F anz Scholl o e y use ul and s imula ing discussions. Also hey wan o hank D . Theo Nijman, M . Lex Hoogduin and an anonymous e e ee o help ul commen s on an ea lie d a o his a icle. All emaining e o s a e he sole esponsibili y o he au o s. 1 The e ec i eness o o icial in e en ion by cen al banks in he dolla -DM exchange ma ke is s udied in: Eij inge and G uij e s (1991). 2 An example o a eac ion unc ion o in e en ion on behal o he EMS is gi en by: Eij inge (1986), pp. 271 - 275 and 293 - 298. OPEN ACCESS | Licensed unde CC BY 4.0 | h ps://c ea i ecommons.o g/abou /cclicenses/ DOI h ps://doi.o g/10.3790/ccm.24.1.50 | Gene a ed on 2023-01-16 13:00:27 On he Sho Te m Objec i es o Daily In e en ion 51 Thi dly, he s udy ocuses only on he so-called 'ac i e' in e en ion which akes place inside he dolla -DM exchange ma ke and is in ended o in lu- ence he spo dolla -DM exchange a e, al hough i may occasionally be mo i a ed by a policy o he cen al bank o build up o eplenish i s o eign exchange ese es. Hence, 'passi e' in e en ion which akes place ou side he ma ke is le ou o conside a ion. Examples o such 'passi e' in e en- ion a e he pu chase o dolla s om and compensa ion paymen s o he U.S. a my in Wes Ge many by he Bundesbank, he cus ome ansac ions o he U.S. and Wes Ge man go e nmen and he in e es paymen s on he Bundesbank dolla ese es a he Fede al Rese e and on he Fede al Rese e DM- ese es a he Bundesbank. Fou hly, he sample o pe iod o his s udy comp ises he Plaza Ag ee- men o Sep embe 1985, he Lou e Acco d o Feb ua y 1987, he S ock Ma ke C ash o Oc obe 1987 and i s a e ma h3. I is ou opinion ha his pe iod di e s essen ially om he p eceding pe iod o he ea ly 1980s which has been cha ac e ized by a 'benign neglec ' policy o he Fede al Rese e ega ding he dolla -DM a e. II. The Objec i es o Exchange Ma ke In e en ions by Cen al Banks Be o e u ning o an empi ical s udy o he sho e m eac ion unc ions o daily in e en ions by he Bundesbank and Fede al Rese e, he objec- i es o exchange ma ke in e en ion by cen al banks (G-7 coun ies) a e examined in gene al and by he Bundesbank and Fede al Rese e in pa icu- la . Figu e 1 summa izes he sho e m, medium e m, long e m and o he objec i es o in e en ions by cen al banks du ing he pe iod o loa ing exchange a es. These objec i es a e no mu ually exclusi e and may ha e a ied in weigh in he cou se o he pe iod4. In he sho e m all cen al banks ha e a common objec i e o "coun e - ing diso de ly exchange ma ke condi ions" as pa o hei commi men o p omo ing a s able exchange a e sys em in acco dance wi h A icle IV o he A icles o Ag eemen o he In e na ional Mone a y Fund as amended in 1978. "Diso de ly ma ke condi ions" a e supposed o be indica ed by a 3 An excellen su ey o hese e en s and hei backg ound is p esen ed in: Funabashi (1988). 4 This summa y d aws upon he so-called 'Ju gensen-Reipo V, made by an expe s g oup om he G-7 coun ies on exchange ma ke in e en ions in hese coun ies: Wo king G oup on Exchange Ma ke In e en ion (1983). 4: OPEN ACCESS | Licensed unde CC BY 4.0 | h ps://c ea i ecommons.o g/abou /cclicenses/ DOI h ps://doi.o g/10.3790/ccm.24.1.50 | Gene a ed on 2023-01-16 13:00:27 52 S. C. W. Eij inge and A. P. D. G uij e s O ss Ö DQ i- I cu Di s ö -ci o H ei u 4-> 0) 4J • û) w en 4-> k C o C0 (1) o >ï a s ja b0 - 0 w O d) en > H TJ O o O P en co a •H SX C l C u S O P bû O •H <D o >> o c •H a -p c en a; •H 4-> (0 o a «M •p C0 b o C H m P T3 <D 4-> 0) QJ •P <D >> 1 0) 1 4-> O ^ co c = en p en T3 o i c u TJ H CO CO c co O o O C H 1 i B hû •H 73 4-> >» CO « C-i O •H C H a s 4-> d) •H >» .Q -H H d U 73 0) c (1) J* a 4J (0 u •H •H 4-> 3 4 4-> U H O O •p c i .o •P s cd B u o U d) o a O) <D É4 X! s N N co O T3 d) en o •H -H (0 üs S SX (4 •H UÌ Ui 0) üs S •P >> O a U o U o O d) en c î î T 4J > 4J c o u 1 1 1 C u <D <1) o o a •H Q) •H Q) 4-) > o en CO H o c C 0) a 4-i o •H > c •H a d) a CI) •P -4 .H u a •H 0) Q) en 4-> d) 4-> en G d) p d) o T3 (0 4-> en u o (H U en 0) O co T3 4-> O c0 .c (U É4 d) en (4 O H •O co C0 H d) U •H CO Ê •H O bo O TD a Ê •H .C u co C _ bû >» en O H d) C H 4J a •H co hû •H (D d) bû en 4-> C •H P 4-> U c a 4-> bû C O •H a en C P UÌ TJ d) •H •H O •H C 4-> en >> u T3 Q) 4J d) O -en a) &4 S* O w g S Oí a en (4 d) 0) > 4-) •H -P •P O (4 d) O • -J SX XI en O OPEN ACCESS | Licensed unde CC BY 4.0 | h ps://c ea i ecommons.o g/abou /cclicenses/ DOI h ps://doi.o g/10.3790/ccm.24.1.50 | Gene a ed on 2023-01-16 13:00:27 On he Sho Te m Objec i es o Daily In e en ion 1 CO <D T3 H C XI D CO CM c <D -P CO o x 4-> P C 0) o w •H -H P H T3 CO CO <D u cu hO 0) Pi C a 3 o o £ •p u bo c w (0 •H P H hO 0) CO T3 ^ P •H P. C Pi CO <D X2 S a _ "(0 H CO P c x 0) u a •H 3 x x) s g *• CM CO p 0) c x 0) 4-i a 0) O > •P o B c o 0) •H -P p CO CO U H 0) hO P. c •H O •P c co •H u (0 cd 0) a> P. X V) T> c CO >> X o c 0) >> 0) 0) p Pi T5 •H P O Pi 3 •H CO U Pi a a c a c s •H o T5 X <D •p CM •H O C (1) e 4-> CO o X Q) •H 0) P p 0) CO CO Pi Pi •H (1) O > a 0) O 0) Pi 0) a CO J* O) bo X» e o •H p p H •H c 0 <1) o X U •H p •H Pi c O 0) > w CO Pi 0) CH 0) o o •P c 0 c 9> H • i Pi «M PI H D H CO U c > •H C a> b0 E2) H Pi •H 1 CO 0) 0) B Pi p 3 O CO Pi CM Pi P c <U T3 •H U C •H 0) 3 C*H a) § C O TD a) H o CO o 4-> e p •H co hO (0 p Pi P a CO a B a a a) 0) p en •p p co § p CO ho u ed & 0) > b0 G 0) 0) CM CM O U O •a § w CO 0) CO ho c •H G 0) a •p >> 0) .n Cm J*J w o ^ c ^ moc w a -H co <1) P XI > <D C •H U) 4) H C > CO a u u OJ 4-> o 0) X •O Ü £> X C O 0) -H OPEN ACCESS | Licensed unde CC BY 4.0 | h ps://c ea i ecommons.o g/abou /cclicenses/ DOI h ps://doi.o g/10.3790/ccm.24.1.50 | Gene a ed on 2023-01-16 13:00:27 54 S. C. W. Eij inge and A. P. D. G uij e s subs an ial widening o bid-asked sp eads, la ge in aday exchange a e mo emen s, " hin" o highly unce ain ading, des ablishing impac s o essen ially non-economic shocks and sel -sus aining exchange a e mo e- men s which may gain a momen um o hei own ("bandwagon"-e ec s). The medium e m objec i es ega d o esis ing la ge sho e m exchange a e mo emen s o "e a ic luc ua ions" which exceed a ce ain size, buy- ing ime by he cen al banks o eassess hei policies and "leaning agains he wind" which has been pu sued by some o e sho pe iods and by o he s o e longe pe iods. The equency o his las s a egy a ies om occa- sional use in case o "diso de ly ma ke condi ions" by he Fede al Rese e Sys em o mo e egula use by he Bundesbank. The Bundesbank '... has sough om he onse o loa ing o coun e diso de ly ma ke condi ions, dampen "e a ic" sho - e m exchange a e luc ua ions and smoo h ou excessi e swings in he DM/US dolla a e o e longe pe iods'5. The long e m objec i es a y om esis ing exchange a e mo emen s which a e belie ed o be unjus i ied wi h espec o he undamen als (in la- ion, money g ow h, balance o paymen s accoun s, e c.) and a emp s o gi e some leeway o mone a y policy by lessening he o eign impac on domes ic mone a y condi ions, o esis ing dep ecia ion because o i s in la iona y e ec s and esis ing app ecia ion in o de o main ain compe i i eness. O he objec i es a e e.g. a emp s o acqui e o eign cu encies wi hou gen- e a ing ( enewed) downwa d p essu e on he domes ic cu ency. Ou in es iga ion in o he in e en ion beha iou o he Bundesbank and he Fede al Rese e is based p incipally on he s a emen s made by cen al banke s in he Ju gensen- epo on exchange ma ke in e en ion (1983). Ideally, he in e en ion beha iou should be explained in a gene al equilib- ium model accoun ing o bo h sho - e m and long- e m objec i es o he cen al banks, bu also accoun ing o he e ec i eness o hese in e en- ions, o he mone a y policy objec i es o he cen al banks, he exchange a e expec a ions o he economic agen s and, las bu no leas , he de elop- men o he exchange a e de e minan s, he so-called ma ke undamen als. The in en ion o his a icle is howe e mo e modes . We ha e decided o es a eac ion unc ion o he Bundesbank and he Fede al Rese e e e ing o he sho - e m objec i e o hei in e en ions, i.e. he smoo hing o daily exchange a e ola ili y, o se e al easons. 5 F om: Wo king G oup on Exchange Ma ke In e en ion (1983), p. 13. This is con i med by Gleske (1982): 'Die In e en ionen am DM-$ Ma k sind also in e s e Linie au die Glä ung on Ku sschwankungen ge ich e ' (p. 266). See also Scholl (1983). OPEN ACCESS | Licensed unde CC BY 4.0 | h ps://c ea i ecommons.o g/abou /cclicenses/ DOI h ps://doi.o g/10.3790/ccm.24.1.50 | Gene a ed on 2023-01-16 13:00:27 On he Sho Te m Objec i es o Daily In e en ion 55 Fi s o all, p e ious empi ical s udies6 o eac ion unc ions o cen al banks concen a ed on he longe e m objec i es. On he con a y, ou empi ical s udy ocuses on he sho e - e m objec i es, using daily in e en- ion da a o he Bundesbank and he Fede al Rese e. Secondly, he Ge man and Ame ican au ho i ies decla ed o ha e in e - ened mainly o dampen 'e a ic' sho - e m exchange a e luc ua ions and o coun e 'diso de ly exchange ma ke condi ions'. Fu he mo e, he Ju gensen- epo poin s ou ha in e en ion had been especially an e ec- i e ool o in luencing he beha iou o he exchange a e in he sho un. Based on his pas expe ience we in es iga e whe he he Bundesbank and he Fede al Rese e used in e en ions as an ins umen wi h a sho - e m objec i e, i.e. smoo hing exchange a e luc ua ions. The disad an age o such an app oach is he anishing ela ion be ween in e en ion and he " undamen als" which a e measu ed on mon hly o qua - e ly base. Ne e heless, his app oach has an decisi e ad an age, because i cap u es be e he equency and pa e n o exchange ma ke in e en ion wi h espec o "coun e ing diso de " and "leaning agains he wind" o e sho pe iods. Ou s udy is aiming a an explana ion o he in e en ion beha iou o he Bundesbank and he Fede al Rese e om day o day and om week o week. The eby i should be no iced ha he in e en ion beha iou o cen al banks is no only e lec ed in he di ec ion and olume, bu also in he im- ing and echnique o in e en ion7. The iming e e s o he ques ion whe he he exchange ma ke is " hin" and unce ain o no , while he ech- nique ela es o he way in which a cen al bank implemen s i s in e en- ion, i. e. by domes ic and possibly o eign comme cial banks o by cu ency b oke s wi h di e en announcemen e ec s. Despi e he impo ance o bo h iming and echnique o in e en ion beha iou , hese elemen s can no be aken in o accoun by ou s udy and will su ely de ac om he explana o y powe o he in e en ion eac ion unc ions. 6 Examples o such empi ical s udies a e: A us (1976), B anson, Hal unen & Mas- son (1977), Lehmen (1980), Do nbusch (1980), König & Gaab (1983) and Neumann (1984). Those s udies co e he pe iod o loa ing exchange a es om 1973 up o 1981. 7 This is clea ly pu by Gleske (1982): "In eine bes imm en Si ua ion mögen be ei s ge inge In e en ionsbe äge genügen, eine une wünsch e Ku sen wicklung zu b em- sen ode ga umzukeh en. In eine ande en Si ua ion können selbs hohe In e en- ionsbe äge das Gegen eil bewi ken, wenn nämlich die Ma k eilnehme on de S ä ke eines G und ends übe zeug sind ..." (p. 265). OPEN ACCESS | Licensed unde CC BY 4.0 | h ps://c ea i ecommons.o g/abou /cclicenses/ DOI h ps://doi.o g/10.3790/ccm.24.1.50 | Gene a ed on 2023-01-16 13:00:27 56 S. C. W. Eij inge and A. P. D. G uij e s III. An Empi ical S udy o he Reac ion Func ions o he Deu sche Bundesbank and Fede al Rese e Sys em An empi ical s udy o he eac ion unc ions o daily in e en ions by he Deu sche Bundesbank and Fede al Rese e Sys em in he spo U.S. dolla - Deu sche Ma k exchange ma ke mus ake accoun o he de elopmen o he dolla -DM exchange a e be ween successi e days (in e day), as well as in he cou se o hese days (in aday). A comple e ep esen a ion o he in aday de elopmen o he dolla -DM a e would equi e an in ini e numbe o obse a ions pe day causing echnical p oblems. The e o e, in his s udy he in aday de elopmen is app oxima ed by h ee obse a ions pe day: 1. he opening a e (p imo) a 8.30 hou s; 2. he ixing a e (o icial middle a e) a 13.00 hou s; 3. he closing a e (ul imo) a 16.30 hou s in F ank u ime. Because he opening and closing a es a e only a ailable since Feb ua y 19858, as sample is chosen he pe iod om Feb ua y 1985 un il Sep embe 1988. Figu e 2 gi es an example o he in aday changes o he opening and closing dolla -DM a e om July 1987 o June 1988. This igu e shows obse able di e ences be ween he a es wi hin he day. Fu he mo e, he s udy akes daily obse a ions o he o icial in e en- ions in he dolla -DM exchange ma ke , which can be di ided in wo pa s9: a) U.S. dolla -in e en ions o he Deu sche Bundesbank exp essed in DMs agains he dolla -DM in e en ion a e o ha day; b) DM-in e en ions o he Fede al Rese e Bank o New Yo k, so a as hese ope a ions a ec he ne o eign posi ion o he Bundesbank. This happens e.g. when he Fede al Rese e inances i s DM-sales by calling on he swap ag eemen wi h he Bundesbank o om i s DM-balances a he Bundesbank, o when he Fede al Rese e in es s i s DM-pu chases a he Bundesbank. 8 Da a o he opening, ixing and closing dolla -DM a e a e aken om: S a i- s ische Beihe e zu den Mona sbe ich en de Deu schen Bundesbank, Reihe 5: Die Wäh ungen de Wel , Feb ua 1985 - No embe 1988, Tabelle 6: Kassa-Ku se des US dolla im Tages e lau . 9 Da a o he o icial in e en ions o he Bundesbank and Fede al Rese e we e kindly p o ided by he Deu sche Bundesbank, Haup ab eilung Ausland on a con i- den ial base. The e o e, his s udy comp ises no exac da a, no any igu es o hese in e en ions. OPEN ACCESS | Licensed unde CC BY 4.0 | h ps://c ea i ecommons.o g/abou /cclicenses/ DOI h ps://doi.o g/10.3790/ccm.24.1.50 | Gene a ed on 2023-01-16 13:00:27 OPEN ACCESS | Licensed unde CC BY 4.0 | h ps://c ea i ecommons.o g/abou /cclicenses/ DOI h ps://doi.o g/10.3790/ccm.24.1.50 | Gene a ed on 2023-01-16 13:00:27 64 S. C. W. Eij inge and A. P. D. G uij e s (a0 + b0) in he co esponding mon hs. The smoo hing coe icien (ci) has always he expec ed, nega i e sign and is usually signi ican , in pa icula o he se en days mo ing a e ages. Also, his coe icien app oxima es he sum o bo h smoo hing coe icien s o he indi idual in e en ions (ai + bi) in he mon hs conce ned. The adjus ed co ela ion coe icien exceeds o he i e and se en days mo ing a e ages gene ally 0.20 and in some cases e en 0.35. Consequen ly, he equa ions explain on a e age one i h o he o al in e en ions and equal he explana o y powe o he equa ions o he Bundesbank in e en ions (see able 1). The Du bin-Wa son s a is ic lies mos ly - excep o Decembe 1987, Jan- ua y and Augus 1988 - abo e 1.4 (uppe limi ) and indica es no i s -o de au oco ela ion in gene al. In Augus 1988 he esiduals a e somewha posi- i ely co ela ed, while his was no he case o he eg essions o he indi- idual in e en ions. In gene al, he eg essions wi h he di e ence be ween he opening a e and i e days mo ing a e age (n = 5) p o ed o be mos success ul - in he sense o a s a is ical i - o he indi idual and o al in e en ions. The e- o e, hese equa ions a e aken as a poin o depa u e o addi ional a i- ables o ac o s. Fi s o all, he in e en ions o one cen al bank a e added as an ex a explana o y a iable o he equa ion o he in e en ions o he o he cen al bank, mu a is mu andis. So, he Bundesbank and Fede al Rese e in e en ions a e explained by a cons an , he de ia ion be ween he opening a e and i e days mo ing a e age and he Fede al Rese e espec i ely Bundesbank in e en ions: The coo dina ion coe icien (a2 o b2) e lec s he deg ee o coo dina ion be ween he in e en ion in he dolla -DM exchange ma ke . Bo h cen al banks y o une hei in e en ions o each o he in o de o s eng hen he e ec i eness o bo h in e en ions. The announcemen e ec o coo dina ed in e en ion may be g ea e han he e ec o non-coo dina ed in e en ion. I signi ican , he coo dina ion coe icien ep esen s o wha ex en he 2. Coo dina ion o Exchange Ma ke In e en ions by Bo h Cen al Banks (2a) (2b) n = 5 OPEN ACCESS | Licensed unde CC BY 4.0 | h ps://c ea i ecommons.o g/abou /cclicenses/ DOI h ps://doi.o g/10.3790/ccm.24.1.50 | Gene a ed on 2023-01-16 13:00:27 On he Sho Te m Objec i es o Daily In e en ion 65 Bundesbank and Fede al Rese e in e en ions a e co ela ed15. The coe i- cien is expec ed o ha e a posi i e sign and will no exceed 1 in case o equal, simul aneous in e en ions by bo h cen al banks. Table 4 gi es he ou comes o he eg essions o he dolla -DM exchange ma ke in e en ions by he Bundesbank espec i ely Fede al Rese e wi h each o he in e en ions as an addi ional explana o y a iable16. The cons an (a0 and b0) becomes e en less signi ican o bo h in e en- ions (see ables 1 and 2). The smoo hing coe icien (a1 and bi) looses also signi icance, some imes conside ably, and diminishes, bu keeps mos ly he expec ed, nega i e sign. Ob iously, explana o y powe is pulled away om he smoo hing a iable. The coo dina ion coe icien (a2 and b2) has always he expec ed, posi i e sign and is gene ally signi ican (exac ly he same - alue). This coe icien a ies, when signi ican , om 0.2 o 1.6 o bo h in e en ions and usually does no exceed 1, excep o Augus and Oc obe 1987 due o unequal in e - en ions by bo h cen al banks. The adjus ed co ela ions coe icien lies in mos cases abo e 0.25. On a e age he equa ions "explain" (see oo no e 15) one hi d o he Bundesbank and Fede al Rese e in e en ions. The Du - bin-Wa son s a is ic is mos ly wi hin he ange o 1.5 o 2.5 (uppe limi s) and poin s o no i s -o de au oco ela ion in gene al. Only in June 1988 he esiduals a e clea ly posi i ely co ela ed o he Fede al Rese e in e en- ions. In wo cases he s a is ic is indecisi e. 3. E ec o Exchange Ma ke Unce ain y on Exchange Ma ke In e en ions Fu he mo e, he equa ion wi h he di e ence be ween he opening a e and i e days mo ing a e age as explana o y a iable o he exchange ma - ke in e en ions can be ex ended wi h an addi ional ac o ep esen ing he unce ain y a he Dolla -DM exchange ma ke . The deg ee o exchange ma ke unce ain y is app oxima ed by he a iance o he opening, ixing and closing dolla a es in he pas i e days (o wi h n = 5). So, he Bundes- 15 Howe e , he causal ela ion be ween bo h in e en ions is no e iden in p ac- ice. I is no clea which cen al bank leads and which cen al bank ollows wi h in e en ion as a consequence o he daily conce a ion p ocedu e be ween bo h banks. 16 No eg essions a e made o he o al in e en ions o bo h cen al banks, because he cons an and coe icien s p o ed o be - by app oxima ion - he sum o he cons an and coe icien s o he co esponding eg essions o he Bundesbank and Fede al Rese e (see ables 1, 2 and 3). 5 K edi und Kapi al 1/1991 OPEN ACCESS | Licensed unde CC BY 4.0 | h ps://c ea i ecommons.o g/abou /cclicenses/ DOI h ps://doi.o g/10.3790/ccm.24.1.50 | Gene a ed on 2023-01-16 13:00:27 66 S. C. W. Eij inge and A. P. D. G uij e s m CQ a * > z; <M H Xi Cd U + 0 T3 — <1) ¡3 Pu S c >> I jQ OU 4J CO W C HO m ui »-H ip G H I d) U & I d) -P CLi 4-> C3 0 • i CÖ O S .O S ON — 00 ON 00 ON CM m 00 e O e e CM D — ON on CM 00 LTN CM CM H CM H H H O H CM D m on H LH e *-CTN iH H CM e on CM oo H CM H on e on o o o O O O o o Q Q Q Q 00 Q CTN O o e on o m U U Ci] W e W 00 00 CTN O ON O <j u CX4 [14 on ci 00 CM cm o on m on >> >> >> >> O >> O O o o o O o xs Xi Xi Xi .O co w CO co * CO * * * i i i i i o o o o o CT O ^-oo H CTNCM ON 00 00 m ^ONCM •H •H •H •H m — •H H . CM cm ko — m h £> cm e me oo •P •P 4-> 4-> e • 4-> m o e . e • o «on • cm • on • i i i i • CM i • H • H • H • o • on • H • H d) 0 d) H d) O —' o > > > > > II b u * * d) <D 0 d) 0 •P 4-> 4-> on on 4-> e —oo m £>e m — on — o Dooe i i i c H o C 00 o CM h oncT on £) o CTNonme e •H •H •H •H CM • •H CM LA c • e • on CM O V£> m • - • • o H • o CM • CM o O o o o 1 O O O H i CM i OOHOON i m i 2 25 2 i 1 1 1 ' 1 -— 00 co moo cm —co ^ h- D - o 0aN0in( )h-(Mi Hj- moo o o 0 • • o O 1 1 ' O H o ô O CM O O O V£> o o O o o • • • o oo^ 0 • • o O 1 1 ' H • 1 0 1 • --on m CM o CM o e CT <j L N on 00 £> 00 D >- m VO o H O H H CM H H H CM CM CM CM ^ m e o VX) û o û CTN ON 00 CM ON 00 e on 00 CM CM O on CM H o O o o O o O o VO CM ON m <T O 00 00 CM O VO l n CM LO *H e ON on on H e on CM o O o O O o o o * * — * * * Q W Cl-i 4J 53 ¿Í ^ § (N Xi ed co 0) + TD - § O CQ c i >> I JQ Oh -P en w i HO m w n-H ip i lin 0 H|H > I <1) H 4-> cd 0 • -g CO «P a Il ) co S CQ . i Q -P U è 5 in o o - cm H H H H • CM »H o — d) d) d) d) 0 1—1 H H H H Xi Xi Xi — jq cd cd Cd Cd cd 4-> 4-> 4-) 4-> 00 LTN 4-> CM • Q) d) d) (U • H 0 d) d) <D 0 H 1 0 en en en en i ^-cn D on o moo ^cT <T c mooo CM • O (N J h- OH mc j <J l o o c j • on • o • o • e •H • iH • H • O »CO • T H O — O —' O ' 'H O onoo oo oo on cm Hoo O on one co co O û IA(T OOVÛVÛ inONVÛ C O CM e • H • on • ko • - «cm • co • H • H • H • H • - • o H 1 CM i on i h i on i o i o i 1 ' 1 -— i "—' i — i i >— i — * O CM H £> o • • o O I e PO *— — *- «H CM 0 OCTNOO o cm cm cm oo e on on £> e onoo e o • o <h o - o on o • cm «o • •o o • on • i O I O h O O O H O i o i o i i i c o •H 4-> Cd o u 0 Xi u u >> s d) <u i 0) JD JD cd •pinoino .0 a oo 4-> oo -poo q oo - . ^ _ [/}HOHO (l-)H<H(/5 lOH2 ' ~ U (1) -l Í-I Xi u 0 <d >> s a) xî Xi u a) Xi a s <d S ^-p —o —0^0^300 <DOO >>OO oo a oo -p oo >00 u 00 i oo eco hoo - - -onuonSONÌBONPONPON co B® 00 OPEN ACCESS | Licensed unde CC BY 4.0 | h ps://c ea i ecommons.o g/abou /cclicenses/ DOI h ps://doi.o g/10.3790/ccm.24.1.50 | Gene a ed on 2023-01-16 13:00:27 On he Sho Te m Objec i es o Daily In e en ion 67 bank, Fede al Rese e and o al in e en ions a e explained by a cons an , he i e days mo ing a iance and he de ia ion be ween he opening a e and i e days mo ing a e age: (+/-) / (-) (3a) INVD BB = a0 + • oj ( - — • 2 S LF/nL 3 n n (3b) INVF ED = b0 + b, • OI (SPT - — • 2 S?'I'NL 3 n n (3c) INV™T = CO + CL • OILSPT - — • 2 SFL™ 3 n n wi h: o; = 2 is?'™ - —. 2 s?'™)2 W V 3 n n J A highe deg ee o exchange ma ke unce ain y (aj) is supposed o p o oke ela i ely a g ea e olume o in e en ion by he Bundesbank, Fede al Rese e o bo h, ei he posi i e o nega i e. Gi en hei sho e m ob- jec i es, he cen al banks hen ha e a g ea e incen i e o eac on a di e gence be ween he ac ual and desi ed exchange a e. The smoo hing coe icien adjus ed o unce ain y (ai, bi o Ci) e lec s also a policy o leaning agains he wind' o he cen al bank conce ned and is expec ed o ha e a nega i e sign as a consequence o he posi i e mo ing a iance. This implies ha he Bundesbank and/o he Fede al Rese e y o smoo h he ola ili y o he dolla -DM a e depending on he deg ee o exchange ma ke unce ain y. Table 5 shows he esul s o he eg essions o he dolla -DM in e en- ions by he Bundesbank, Fede al Rese e espec i ely bo h cen al banks wi h he i e days mo ing a iance o he opening, ixing and closing dolla a e as an addi ional ac o o he di e ence be ween he opening dolla a e and a i e days mo ing a e age. The cons an (a0, b0 and c0) s ays ela i ely small and some imes signi ican o indi idual and o al in e en ions (see ables 1, 2 and 3). The smoo h- ing coe icien adjus ed o unce ain y (au bx and Ci) keeps almos always he expec ed, nega i e sign17 and s ays o e all mos ly signi ican . The coe i- cien becomes conside ably highe because o he mo ing a iance and gains 17 E iden ly, he Bundesbank pu sued a policy o 'leaning wi h he wind' in Sep- embe 1985. The equa ion explains hen nea ly 90% o he in e en ions. A close inspec ion o he da a e eals ha he Bundesbank in e en ions we e guided by o he objec i es han smoo hing - i. e. he de elopmen o " undamen als" - as om 22 Sep- embe 1985, when he Plaza Ag eemen was cons i u ed by he G-5. 5 OPEN ACCESS | Licensed unde CC BY 4.0 | h ps://c ea i ecommons.o g/abou /cclicenses/ DOI h ps://doi.o g/10.3790/ccm.24.1.50 | Gene a ed on 2023-01-16 13:00:27 68 S. C. W. Eij inge and A. P. D. G uij e s Oí •a es V W) s e - i u X W i © ci X 4) CJ i p » bJD i es -C X W «M o V CM «4M H S ^ H VO in V£) en H 00 Ö CO ON ON TH ON ON H oo oo ^ ON 00 in ON H Pu C C s oo • i S a cq CQ CQ OQ H CQ H H o o H H H OU -P XÌ 0Q CQ CQ CQ OQ CO Q Q Q Q O Q -= 00 -3-en CM H HC H CsJ m c j in ON 00 Ul ll-P >> >» >> >» O >> in CM m o CM H H •PO I exi Xi Xi S) Xi xi Himü 1 oc o o o o o O o O H co co CO co i co >> i i i i i 1 Xi 0 o o 0 H o 00 in KD CM CM 00 Ou -P •H •H •H •H -H -d-m ON en H en co •p •P •P 4-) O p in CM m O CM CM CM —' c CM i i i C i MIA O OC d) Û) <D d) O d) o o o O O o O -H > > > > > • -P u u k u * * * * * * H C <D d) <D d) oo — d) H - — ON - - — c H - — ON —-d- ^ O (1) •P 4-> 4-> p 00 O -P H • 1 m • en on cm • en • i O • CM > i i i i • <J c h» ON VO VO H CM • H 00 -- in^ H ^ + u •H •H •H •H CO . «H O • in • en H . ko . O <D H o c n-cj- m cm e i m m H CM c j en cm cm O -P i—1 O <D <D d) — 1 d) H 1 H i en 1 CM 1 CM 1 h-i en i C O <d <D Q) 0 i — d) 1 • i • —• i • 1 —' 1 • —' i • Il -H en en en en en * * * H H •= oo H CM O • — en - ON — — m o co o O co ON^ o o ^-^o -m ^h- ^H j- en m cm E-i -P -P o • o • O in o i CM O H o • in • en • > O O • H O • H • in • -d- Z -P o O 1 o ¿O H o H O CM o 1 O 1 O 1 M ^ 1 • i "— ^ i ' 1 —^ 1 - H in VX) 00 — h-m S — ON LTN — ON O en CM oo 0) 00 ON m 00 00 VX) o Pu C > 1 U Q Q a Q Q H Q H H o H O H a, -p <d u w u w d en w Pu Pu Pu Pu X) Pu — 00 o D oo O X) Hd) H 00 in ON •= ON H H m ui noe >> >» >> >> O >ï m H en o O CM CM a |(M Xi xa Xi Xi Xi Hl LTN i—1 1 OC o o O o o o O O 1 H (0 co CO co co 1 co i h i i i i i 1 0) o o o o m o MD CM H ON VO ON CM OU -p T3 •H •H •H •H en -h H O CM O •= in en <d -p •P •P -P O P CM o H CN CM — (X, i i i C c CM m CM d) <D a) d) O d) o O O o O O O ö >> OC > > > > > • XI u u u u * * * * * * i 0) 0) 0) d) m — <D in — O ^. KD — o ^ O XI CO -p •P •p •p cm m -p H m H o in • H « VO c c C c i • 00 i H — — cn-=i- ^iniTi ^ o + o •H •H •H •H • -h in • H • H ^- • en • CM • O -H H O oo en — cm -=J" en e s O H H oo CM cm CM Xi -P H O o o O m i o in i — 1 CM 1 £> i X) i en 1 CsJ 1 i Xi 2 2 z z i -^z i ^ i —-1 Il (1) * * > Q U 00 CM -—* oo — O ^ m • on m o H ^ en Ci] d) O O cm O cm on en o H VX) 00 VO 00 oo Ou -P -P o • O H o a o in o cm o • H • H • > C o • H O • en • en Z 'H Xi O 1 O O O O O O O H o 1 o i O i M ' 1 —-— —. ' 1 ^ 1 "—' 1 "— 00 H C J VO ON O O CM en H oo 00 -—» in CNI ON cm — o in O o o O - H CM iH — -d- --00 en O en H VO Du i ^ Q H H e i CM H H H H H H c j CM H CL, 4-> OO -O m O oo o ON CM VO in H (M co — VO H CM LTN CM H 00 o os CM o ON -=î- co — 00 O O O O H in H o O CM O O mW ll i I C J • cS 1 OC O o O O O o o O O O o O O lin xî 1 1 *h| H 03 0 m CTn -= o H O o CM — -= VO VX) 1 T3 CM o o en o o H en O en 00 OU -p C oo O o H O H VO CM H O en H O en 3 CM • — m OC o O o o o o o O O O O O O c j m ö >» * * * * * * * • XI ON —•. en — — m^oo CM — m m - — ON -—m — i—i H H o o • O H — D oo • in • ^ û O • j- o o • O ' en • o ed co c j m • 00 CM CM • m • —cm ON H • CM CJ- - • cm H 00 O c • ON • VO • oo o «cm • C j • in • H • in • o • en • + o cm' H H o ih • o onhoo meo CM CM H 00 H VD CM in H CM H O -H H H H CM 1 H 1 H H H 1 CM 1 H i m 1 H 1 H 1 H i en 1 H 1 O) 4-5 cd 1 ^ i 1 i "—' 1 1 ^— 1 - i —- 1 i Il 0 * * * * > * * * * CO U O m o en on ^ H h m o — m o cm — CM ^VO —CO o o O ON ON CQ (D HCO OM^O o in od- O i m cm o .= £> cm a -p -p O • o •"HVÛOOOO • o CM O • o oo o -= o on o • en • H • > c o H • en • o . in • en Ä -H a) o 1 o 1 o H o CM O 1 O CM O 1 o H o H O H i o i O i o i M « 1 —' i ^ 1 1 ' 1 ' 1 o—- 1 ' 1 — i u i <D <D u u O Xi u u >> X3 u d) d) >> •H a <D a) U P S d) ^ Xi U p P — X! a) Xi .o cd CO <D Xi B s cd co co en -P -p m o in o o s ^- p - p C-- o >- <D ^- d) ^ 3 00 <D 00 >>00 3 00 3 J i a oo p oo -p oo c CO oO 00 a co +300 >00 U co i oo i oo iH oo hnoo O1 o O a> CTN o ON o <j cd ONpcTNd)aNooNO ONCDONCdONSONDONpOS w — S en *H o H o H h H < H C/l H o H z H Q H - 1 *-> H -i H < H OPEN ACCESS | Licensed unde CC BY 4.0 | h ps://c ea i ecommons.o g/abou /cclicenses/ DOI h ps://doi.o g/10.3790/ccm.24.1.50 | Gene a ed on 2023-01-16 13:00:27 On he Sho Te m Objec i es o Daily In e en ion 69 signi icance in mon hs wi h a high le el o exchange ma ke unce ain y, such as Oc obe and Decembe 1987 and June 1988 (see igu e 2). The adjus ed co ela ion coe icien ises in hese mon hs wi h much unce ain y subs an ially, bu diminishes in mon hs wi h li le unce ain y (e.g. Augus 1987). Hence, he equa ions explain on a e age one i h o he Bundesbank, Fede al Rese e and o al in e en ions, which implies ha he explana o y powe o he Fede al Rese e in e en ions has doubled on a e age (see able 2). The Du bin-Wa son s a is ic exceeds in mos cases 1.4 (uppe limi ) and indica es no i s -o de au oco ela ion in gene al. In his espec he ou comes o he eg essions wi h he mo ing a iance do no di - e much om hose wi hou he mo ing a iance. IV. Conclusion In he p e ious sec ion an empi ical s udy has been made o he eac ion unc ions o he dolla -DM exchange ma ke in e en ions by he Bundes- bank and/o Fede al Rese e in hi een ele an mon hs du ing he pe iod om Feb ua y 1985 ill Sep embe 1988. The mos impo an conclusions o his empi ical s udy a e he ollowing. Fi s ly, he some imes signi ican , bu ela i ely small cons an indica es a limi ed bias o he cen al banks owa ds a dolla app ecia ion o dep e- cia ion is-à- is he DM based on he de elopmen o he ' undamen als'. Secondly, he mos ly signi ican , nega i e and ela i ely ( e y) high smoo h- ing coe icien poin s o a policy o leaning agains he wind' by bo h cen al banks in o de o smoo h he dolla -DM a e om day o day. Thi dly, he gene ally signi ican , posi i e and a iable coo dina ion coe - icien s shows a a he di e gen deg ee o coo dina ion be ween he Bun- desbank and Fede al Rese e on op o a highe equency o Bundesbank in e en ion. Fou hly, he smoo hing coe icien adjus ed o exchange ma ke unce - ain y becomes mo e signi ican in mon hs wi h much unce ain y and leads in hese mon hs o a highe adjus ed co ela ion coe icien . I appea s ha bo h cen al banks ake ull accoun o exchange ma ke unce ain y wi h espec o hei in e en ion policy18. 18 This con adic s he empi ical inding o Neumann (1984) ha he Bundesbank in e ened - ac ing like a p i a e in es o - o a ela i ely smalle scale in he dolla - DM ma ke wi h ising exchange a e unce ain y. Neumann (1984) es ima ed eac- ion unc ions o he exchange ma ke in e en ions by he Bundesbank on a mon hly base o e he pe iod Ma ch 1974 - Decembe 1981. OPEN ACCESS | Licensed unde CC BY 4.0 | h ps://c ea i ecommons.o g/abou /cclicenses/ DOI h ps://doi.o g/10.3790/ccm.24.1.50 | Gene a ed on 2023-01-16 13:00:27 70 S. C. W. Eij inge and A. P. D. G uij e s Finally, he equa ions explain on a e age one i h and in case o a coo di- na ion a iable one hi d o he exchange ma ke in e en ions by he Bun- desbank and/o Fede al Rese e. I should be no iced ha he equa ions wi hou a mo ing a iance o opening, ixing and closing a es a e ela i ely mo e success ul in mon hs wi h li le exchange ma ke unce ain y, while he equa ions wi h he mo ing a iance ha e mo e explana o y powe in mon hs wi h much unce ain y. In he la e case he equa ions my explain 40% o mo e o he exchange ma ke in e en ions in mon hs wi h a high ola ili y o he dolla -DM exchange a e, e.g. Oc obe and Decembe 1987. These gene al conclusions seem a sound base o u u e esea ch o he sho e m eac ion unc ions o he Deu sche Bundesbank and Fede al Rese e Sys em in he dolla -DM exchange ma ke . Re e ences A us, J. R.: Exchange Ra e S abili y and Managed Floa ing: The Expe ience o he Fede al Republic o Ge many, IMF S a Pape s, July 1976, Vol. 23, pp. 312 - 333. - B anson, W. H., H. Hal unen & P. Masson: Exchange Ra es in he Sho Run, The Dolla -Deu sche-Ma k Ra e, Eu opean Economic Re iew, Decembe 1977, Vol. 10, pp. 303 - 324. - Do nbusch, R.: Exchange Ra e Economics: Whe e Do We S and?, B ookings Pape s on Economic Ac i i y, 1980, Vol. 1, pp. 143 - 185. - Eij inge , S. C. W.: O e de Behee sbaa heid an de Geldhoe eelheid (On he Con ollabili y o he Money Supply), F ee Uni e si y P ess, Ams e dam, 1986. - Eij inge , S. C. W. & A. P. D. G uy e s: On he E ec i eness o Daily In e en ion by he Deu sche Bundesbank and he Fede al Rese e Sys em in he U.S. dolla -Deu sche Ma k Exchange Ma ke , in: Bal enspe ge , E. & H. W. Sinn (eds.): Exchange Ra es Regimes and Cu ency Union, P oceedings o he Con ede a ion o Eu opean Economic Associa ions 1990, McMillan Publishe s, London, 1991. - Funabashi, Y.: Managing he Dolla : F om he Plaza o he Lou e, Ins i u e o In e na ional Economics, Washing on D.C., 1988. - Gleske, L.: Die De isenpoli ik de Deu schen Bundesbank: In e en ionen am DM-$- Ma ke und im Eu opäischen Wäh ungssys em sowie geldma k o ien ie e De isen- ansak ionen, K edi und Kapi al, 1982, Vol. 15, pp. 259 - 274. - König, H. & W. Gaab: Smoo hing Exchange Ra es by Cen al Bank In e en ions?, Economic No es, Mon e dei Paschi di Siena, 1982, pp. 177 - 198. - Lehmen , H.: De isenma k in e en- ionen bei lexiblen Wechselku sen. J. C. B. Moh , Tübingen 1980. - Neumann, M. J. M.: In e en ion in he Ma k/Dolla Ma ke : he Au ho i ies' Reac ion Func ion, Jou nal o In e na ional Money and Finance, 1984, Vol. 3, pp. 223 - 239. - Scholl, F.: Implica ions o Mone a y Ta ge ing o Exchange-Ra e Policy, in: P. Meek (ed.), Cen- al Bank Views on Mone a y Ta ge ing, Fede al Rese e Bank o New Yo k, New Yo k, 1983, pp. 118 - 125. - Wo king G oup on Exchange Ma ke In e en ion (Chai - man: Philippe Ju gensen), Repo , Ma ch 1983. OPEN ACCESS | Licensed unde CC BY 4.0 | h ps://c ea i ecommons.o g/abou /cclicenses/ DOI h ps://doi.o g/10.3790/ccm.24.1.50 | Gene a ed on 2023-01-16 13:00:27 On he Sho Te m Objec i es o Daily In e en ion 71 Zusammen assung Bei ag zu den ku z is igen Zielen de äglichen Beein lussung des US-Dolla -/Deu schma kku ses sei ens de Deu schen Bundesbank und des Fede al-Rese e-Sys em Zweck dieses A ikels is es, eine ku z is ige Reak ions unk ion de In e en ionen de Deu schen Bundesbank und des Fede al-Rese e-Sys em au dem De isenma k im einzelnen da zulegen und zu e p oben. Au de G undlage des Ju gensen-Be ich s und neue e Ve ö en lichungen wi d angenommen, daß beide Zen albanken es als das wich igs e Ziel ih e In e en ionspoli ik e ach en, die Vola ili ä de Tages- und Wochenku se zu glä en. Un e Zug undelegung de Tagesku se sowie on in de lau- enden In e en ionsp axis äglich gewonnenen Da en ü den US $-/DM-Ku s im Zei aum Feb ua 1985 bis Sep embe 1988 s ellen sich die wich igs en Schluß olge- ungen wie olg da : E s ens, beide Zen albanken e olg en eine Poli ik des „Sich- gegen-den-Wind-Lehnens", um ehe die Tages- als die wöchen lichen US $-/DM- Ku sschwankungen zu glä en. Zwei ens, beide Zen albanken be ücksich igen oll in ih e In e en ionspoli ik die Unsiche hei en de US $-/DM-Ku sbeein lussung. Summa y On he Sho Te m Objec i es o Daily In e en ion by he Deu sche Bundesbank and he Fede al Rese e Sys em in he U.S. Dolla -Deu sche Ma k Exchange Ma ke The pu pose o his a icle is o speci y and o es a sho e m eac ion unc ion o he o eign exchange ma ke in e en ion by he Deu sche Bundesbank and he Fed- e al Rese e Sys em. Based on he Ju gensen- epo and mo e ecen publica ions, i is assumed ha bo h cen al banks ha e as hei main objec i e o in e en ion pol- icy o smoo h exchange a e ola ili y om day o day and om week o week. Using daily in e en ion da a o he Deu sche Bundesbank and he Fede al Rese e Sys em and in a-day da a o he U.S. Dolla -Deu sche Ma k exchange a e o he pe iod Feb ua y 1985 - Sep embe 1988, he mos impo an conclusions a e he ollowing. Fi s ly, bo h cen al banks conduc ed a "leaning agains he wind" policy in o de o smoo h he U.S. Dolla -Deu sche Ma k exchange a e luc ua ions mo e om day o day han om week o week. Secondly, bo h cen al banks ake ull accoun o he unce ain y in he U.S. Dolla -Deu sche Ma k exchange ma ke wi h espec o hei in e en ion policy. Résumé Les objec i s à cou e me de l'in e en ion quo idienne de la Deu sche Bundesbank e du Fede al Rese e Sys em su le ma ché des changes du dolla amé icain e du Deu sche Ma k L'au eu de ce a icle essaie de spéci ie e de es e une onc ion de éac ion à cou e me de l'in e en ion su le ma ché des changes de la Deu sche Bundesbank e du OPEN ACCESS | Licensed unde CC BY 4.0 | h ps://c ea i ecommons.o g/abou /cclicenses/ DOI h ps://doi.o g/10.3790/ccm.24.1.50 | Gene a ed on 2023-01-16 13:00:27 72 S. C. W. Eij inge and A. P. D. G uij e s Fede al Rese e Sys eme. En se basan su le appo de Ju gensen e su des publica- ions plus écen es, on p ésume que les deux banques cen ales pou sui en p incipa- lemen a ec leu poli ique d'in e en ion l'objec i de édui e la ola ili é des aux de change au jou le jou e de semaine en semaine. En u ilisan des données d'in e en- ion quo idiennes de la Deu sche Bundesbank e du Fede al Rese e Sys em, ainsi que des données in e na ionales quo idiennes des aux de change du dolla amé icain e du DM pou la pé iode, s'é endan de é ie 1985 à sep emb e 1988, l'au eu i e les conclusions p incipales sui an es: (1) les deux banques cen ales mènen une poli i- que «con e le en », en ue de diminue les luc ua ions des cou s de change du dol- la amé icain e du DM, da an age au ou jou le jou que de semaine en semaine. (2) Les deux banques cen ales iennen en iè emen comp e de l'ince i ude su le ma - ché des changes du dolla amé icain e du DM en ce qui conce ne leu poli ique d'in- e en ion. OPEN ACCESS | Licensed unde CC BY 4.0 | h ps://c ea i ecommons.o g/abou /cclicenses/ DOI h ps://doi.o g/10.3790/ccm.24.1.50 | Gene a ed on 2023-01-16 13:00:27