@techreport{Dreher2005Forei-11851,
  year={2005},
  series={Research paper series / Thurgauer Wirtschaftsinstitut},
  title={Foreign Exchange Intervention and the Political Business Cycle : a Panel Data Analysis},
  number={9},
  author={Dreher, Axel and Vaubel, Roland}
}

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    <dcterms:title>Foreign Exchange Intervention and the Political Business Cycle : a Panel Data Analysis</dcterms:title>
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    <dc:creator>Dreher, Axel</dc:creator>
    <dcterms:abstract xml:lang="eng">By combining expansionary open market operations with sales of foreign exchange, the central bank can expand the monetary base without depreciating the exchange rate. Thus, if there is a monetary political business cycle, sales of foreign exchange are especially likely before elections. Our panel data analysis for up to 158 countries in 1975-2001 supports this hypothesis. Foreign exchange reserves relative to trend GDP depend negatively on the pre-election index regardless of the exchange rate system. The relationship is significant and robust irrespective of the type of electoral variable, the choice of control variables and the estimation technique.</dcterms:abstract>
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    <dc:contributor>Dreher, Axel</dc:contributor>
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    <dc:creator>Vaubel, Roland</dc:creator>
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