Kim Abildgren ()
Kim Abildgren: Danmarks Nationalbank, Postal: Langelinie Allé 47, 2100 København Ø, Danmark
Abstract: The relationship between portfolio flows to and from Denmark and changes in the nominal krone rate vis-à-vis the euro (D-mark prior to 1999) over the period 1984-2004 is analysed. The paper finds a significant link from portfolio flows to shortterm exchange-rate movements. This result is robust to inclusion of central bank FX intervention and changes in the short-term interest-rate spread vis-à-vis the currency anchor as endogenous explanatory variables. Over time there has been a declining exchange-rate effect from portfolio flows, which might be a result of a gradually in - creased credibility of the Danish exchange-rate peg.
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