เกี่ยวกับการแทรกแซงค่าเงิน EM FX และผลกระทบแบบ 'sterilized' vs. 'unsterilized'

You're right to focus on the sterilization aspect. While the intent is to neutralize the domestic money supply impact, the effectiveness often hinges on the depth and liquidity of the domestic bond market to absorb the offsetting operations. Also, even 'sterilized' interventions can signal policy intent, which might influence market expectations and capital flows differently than a purely unsterilized approach.

You're right to focus on the sterilization aspect. While the intent is to neutralize monetary impact, the effectiveness often hinges on the depth and liquidity of local capital markets to absorb the sterilization operations without distorting other rates. Also, persistent intervention can signal policy direction, which itself can have an impact.