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Exchange Market Pressure on the Croatian Kuna

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Author Info
Srdjan Tatomir (Institute of Public Finance, Zagreb, Croatia; University of Amsterdam)
Abstract

Currency crises exert strong pressure on currencies often causing costly economic adjustment. A measure of exchange market pressure (EMP) gauges the severity of such tensions. Measuring EMP is important for monetary authorities that manage exchange rates. It is also relevant in academic research that studies currency crises. A precise EMP measure is therefore important and this paper re-examines the measurement of EMP on the Croatian kuna. It improves it by considering intervention data and thresholds that account for the EMP distribution. It also tests the robustness of weights. A discussion of the results demonstrates a modest improvement over the previous measure and concludes that the new EMP on the Croatian kuna should be used in future research.

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File URL: http://www.ijf.hr/eng/FTP/2009/2/tatomir.pdf
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Publisher Info
Article provided by Institute of Public Finance in its journal Financial Theory and Practice.

Volume (Year): 33 (2009)
Issue (Month): 2 ()
Pages: 187-199
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:ipf:finteo:v:33:y:2009:i:2:p:187-199

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Related research
Keywords: exchange market pressure; currency crisis; Croatia;

References listed on IDEAS
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  1. Girton, Lance & Roper, Don, 1977. "A Monetary Model of Exchange Market Pressure Applied to the Postwar Canadian Experience," American Economic Review, American Economic Association, vol. 67(4), pages 537-48, September. [Downloadable!] (restricted)
  2. Rose, Andrew K. & Svensson, Lars E. O., 1994. "European exchange rate credibility before the fall," European Economic Review, Elsevier, vol. 38(6), pages 1185-1216, June. [Downloadable!] (restricted)
    Other versions:
  3. André Van Poeck & Jacques Vanneste & Maret Veiner, 2007. "Exchange Rate Regimes and Exchange Market Pressure in the New EU Member States," Journal of Common Market Studies, Blackwell Publishing, vol. 45, pages 459-485, 06. [Downloadable!] (restricted)
  4. Jeffrey A. Frankel & Shang-Jin Wei, 2008. "Estimation of De Facto Exchange Rate Regimes: Synthesis of the Techniques for Inferring Flexibility and Basket Weights," NBER Working Papers 14016, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  5. Hali J. Edison & Francis E. Warnock, 2001. "A simple measure of the intensity of capital controls," International Finance Discussion Papers 708, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
    Other versions:
  6. Weymark, Diana N, 1998. "A General Approach to Measuring Exchange Market Pressure," Oxford Economic Papers, Oxford University Press, vol. 50(1), pages 106-21, January.
  7. Simone Bertoli & Giampiero Gallo & Giorgio Ricchiuti, 2006. "Exchange Market Pressure: Some Caveats In Empirical Applications," Econometrics Working Papers Archive wp2006_17, Universita' degli Studi di Firenze, Dipartimento di Statistica "G. Parenti". [Downloadable!]
  8. Vedran Sosic & Evan Kraft, 2006. "Floating With A Large Life Jacket: Monetary And Exchange Rate Policies In Croatia Under Dollarization," Contemporary Economic Policy, Western Economic Association International, vol. 24(4), pages 492-506, October. [Downloadable!] (restricted)
  9. Don E. Roper & Stephen J. Turnovsky, 1980. "Optimal Exchange Market Intervention in a Simple Stochastic Macro Model," Canadian Journal of Economics, Canadian Economics Association, vol. 13(2), pages 296-309, May. [Downloadable!] (restricted)
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This page was last updated on 2009-11-26.

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