自1973年普遍採行浮動滙率以來，滙率大幅波動，於是引起了一般對"浮動滙率下外滙市場操作"問題之關心與討論。本文乃探討在管理的浮動滙率體制下，央行在外滙市場中干預之法則。

在文中，首先說明先進國家-美國、日本以及歐洲貨幣制度之干預法則，及各國外滙干預之評估。其次說明我國外滙操作之演進，最後利用金融統計月報、外滙交易中心資料及經濟日報資料，對我國央行在外滙市場干預之情形作一試驗性的探討。

由於干預目標乃屬於央行之決策範疇，若其未公開宣示，一般是很難猜測的；另一方面，由於資料之不易取得，故限制了本文研究之結果。吾人發現，在所有之解釋變數中，滙率變動率（Ṡᵼ , Ṡᵼ­₁ Ṡᵼ­₂）、干預本身之遞延變數（I ᵼ­₁）、買賣超（Cᵼ,Cᵼ­₁）及累積買賣超（AC₁〜AC₆）之t值均顯著，且符號正確，尤以累積6天買賣超（AC₅）與I ᵼ­₁之R²最高，而I ᵼ­₁更說明了央行干預是分期遞延的（distributed lag），而非一次調整，其係數高達0.65。

另外，我們發現外滙準備、國外淨資產與滙率之調整有關（R²高，t值顯著），但有一矛盾現象，即其係數之符號與理論上相反（經常帳亦有類似之情況）；這些或許是因為資料精確性之限制，或許是因為在一個開放程度高的開發中國家，政府常採取貶值政策來刺激出口，並以累積大量外滙為目標。

一、中文部份：
1.林鐘雄，貨幣銀行學，三民書局，民國六十六年十一月。
2.鄒繼礎，"浮動滙率與外滙管理--論機動滙率下的滙率動向與管理"，中國文化大學經濟研究所碩士論文，民國六十九年七月。
3.陳文乾，"美國聯邦準備的外滙干預政策"，台灣經濟金融月刊，第十五卷第八期，民國六十八年八月。
4.詹金鶯，"歐洲貨幣制度"，中央銀行季刊，第四卷第四期，民國七十一年十二月。
5.陳坤銘，"台灣的價格競爭能力與對外貿易"，經濟專論(16 )，中華經濟研究院，民國七十一年九月。
6.郭恒慶，"我國遠期外滙市場之檢討"，產業金融季刊，第三十十期，民國七十年三月。
7.薛 琦，"我國當前貿易的結構、問題與對策"，當前經濟問題研討會稿，中國經濟學會，民國七十二年。
8.陳俐蓉，"我國外滙市場之發展與檢討"，台灣經濟金融月刊，民國七十二年四月。
二、英文部份：
9. Argy, Victor, "Exchange-Rate Management in Theory and Practice," Princeton Studies in International Finance, No. 50, Oct. 1982, pp. 1-88.
10. Black, Stanley W., "Central Bank Intervention and the Stability of Exchange Rates," in Exchange Risk and Exposure: Current Developments in International Financial Management, ed. by Richard M. Levich and Clas G. Wihlborg (Lexington, Massachusetts, 1979) pp. 137-47.
11. Balbach, Auatol B., "The Mechanics of Intervention in Exchange Markets," Federal Reserve Bank of St. Louis Review, Vol. 60 (Feb. 1978), pp. 2-7.
12. Bigman, David and Taya, Teizo (ed.) The Functioning of Floating Exchange Rates: Theory, Evidence, and Policy Implications, Chaps. 11, 17.(Ballinger Publishing Company. Cambridge, Massachusetts, 1980)
13. Boyer, Russell S., "Optimal Foreign Exchange Market Intervention," J. of Political Economy, Dec. 1978, pp. 1045-55.
14. Branson, W.H. and Katseli, L.T., "Exchange Rate Policy for Developing Countries," Yale University Economic Growth Center Discuss Paper No. 300 (1978).
15. Dooley, Michael, "An Analysis of Exchange Market Intervention of Industrial and Developing Countries," IMF Staff Papers (June 1982).
16. Dooley Michael P., "Foreign Exchange Market Intervention," in The Political Economy of Policy-Making ed. by Michael P. Dooley, Herbert M. Kaufman, and Roymond E. Lombra (Beverly Hills, California, 1979), pp. 221-31.
17. Dooley, Michael P., and Shafer, Jeffrey R., "Rules for Intervention without Fixed Parities," International Finance Discussion Papers (Feb. 1976).
18. Filologo Pante, Jr., "Exchange Rate Flexibility and Intervention Policy in the Philippines,1973-81," Yale University Economic Growth Center Discussion Paper No. 412 (July, 1982).
19. Goodman, Laurie S., "Bank Foreign Exchange Operations: A portfolio approach," J. of Money, Credit and Banking, Vol. 14, No. 1 (Feb. 1982).
20. Grauwe, Paul de, and Bergh, Paul Van den, "Alternative Intervention Rules in the Exchange Market of the European Monetary System," in Exchange Rate Policy ed. by Roy A. Balchelor & Geoffrey E. Wood (1982).
21. Jacque, Laurent L., "Management of Foreign Exchange Risk". (lexington, Massachusetts, Toronto, 1979) Chaps. 1, 2, 4 .
22. Liang Kuo-Shu and Ching-in Hou Liang, "Trade Strategy and the Exchange Rate Policies in Taiwan, Trade and Growth of the Advanced Developing Countries in the Pacific Basin, eds., Wontack Hong and Lawrence B. Krause. (Seoul: KDI Press, 1981) .
23. Mayer, Helmut, "The Theory and Practice of Floating Exchange Rates and the Role of Official Exchange- Market Intervention," BIS (Bank of International Settlements) Economic Papers, No. 5, Feb. 1982.
24. Mayer, Helmut and Taguchi, Hiroo, "Official Intervention in the Exchange Markets: Stabilizing or Destabilizing? " BIS (Bank of International Settlements) Economic Papers, No. 6, March 1983.
25. Mckinnon, Ronald I., Money in International Exchange:The Convertible Currency System, Chap 2. (Oxford University Press, 1979) pp. 27-46.
26. Paul Holden, Merle Holden, and Esther C. Suss, "The Determinants of Exchange Rate Flexibility: An Empirical Investigation," The Review of Economics and Statistics, Vol. LXI, No. 3 (Augsut 1979).
27. Otani, Ichiro and Tiwari, Siddharth, "Capital Controls and Interest Rate Parity: The Japanese Experience, 1978-81", IMF Staff Papers, Vol.28, No. 4, Dec. 1981, pp 793-815.
28. Quirk, Peter J., "Exchange Rate Policy in Japan; Leaning Against the Wind," IMF Staff Papers, Nov. 1977, pp. 642-63.
29. Roper, Done. , and Turnovsky, Stephen J., "Optimal Exchange Market Intervention in a Simple Stochastic Macro Model," Canadian Journal of Economics, Vol. 13, No. 2, May 1980, pp. 296-309.
30. Rutledge, John, "An Economist's View of the Foreign Exchange Market," in Exchange Rate Flexibility, ed. by Jacob S. Dreyer, Gottfried Haberler, and Thomas D. Willett. pp. 83-88.
31. Schmidt, Wilson E., "Foreign Exchange Intervention by the Federal Reserve Bank of New York: Some Questions," in Exchange Rate Flexibity, ed. by Jacob S. Dreyer, Gottfried Haberler, and Thomas D. Willett. pp. 97-104.
32. Tsiang, S.C., "The Theory of Forward Exchange and Effects of Government Intervention on the Forward Exchange Market," IMF Staff Papers, Vol. 7 (April 1959), PP. 75-106.
33. Taylor, Dean, "Official Intervention in the Foreign Exchange Market, or, Bet Against the Central Bank," J. of Political Economy, Vol. 90, No. 2, 1982, pp. 356-368.
34. Wonnacott, Paul, "U.S. official Intervention in the Exchange Market for DM, 1977-80", Princeton studies in International Finance, No. 51, Dec. 1982.