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The effectiveness of foreign exchange interventions under a floating exchange rate regime for the Turkish economy: A post-crisis period analysis

机译:浮动汇率制度对土耳其经济的外汇干预有效性:危机后分析

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摘要

The reported study has two purposes: first, it attempts to improve the literature on foreign exchange interventions of the central banks for the emerging market economies, an area not previously studied in detail. The Turkish economy in the post-crisis period constitutes a good example in this context. Second, it proposes a new methodology, a time-varying parameter model, to analyse the effectiveness of the foreign exchange interventions. When the results from such an exercise are compared with those obtained from an event-study analysis, it is found that purchase-based interventions seem to be successful, especially after stabilization of the financial markets. In that sense, an asymmetry is detected regarding the effectiveness of interventions. Concerning the relationship between interest rates and exchange rates, it is found that the uncovered interest rate parity condition operates in an unconventional way, supporting the views put forward by recent emerging markets literature. © 2006 Taylor & Francis.
机译:报告的研究有两个目的:首先,它试图改进有关新兴市场经济体中央银行外汇干预的文献资料,而这一领域以前没有进行过详细研究。在这种情况下,后危机时期的土耳其经济就是一个很好的例子。其次,提出了一种新的方法,即时变参数模型,以分析外汇干预的有效性。当将这种做法的结果与通过事件研究分析获得的结果进行比较时,发现基于购买的干预措施似乎是成功的,尤其是在金融市场稳定之后。从这个意义上说,检测到干预效果的不对称性。关于利率与汇率之间的关系,发现未发现的利率平价条件以一种非常规的方式运作,支持了最近新兴市场文献所提出的观点。 ©2006泰勒和弗朗西斯。

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