This file is part of IDEAS , which uses RePEc data
[ Papers |
Articles |
Software |
Books |
Chapters |
Authors |
Institutions |
JEL Classification |
NEP reports |
Search |
New papers by email |
Author registration |
Rankings |
Volunteers |
FAQ |
Blog |
Help! ]
Central Bank Interventions, Communication and Interest Rate Policy in Emerging European Economies Author info | Abstract | Publisher info | Download info | Related research | Statistics Balazs Egert () (Oesterreichische Nationalbank)
Additional information is available for the following
registered author(s):
This paper analyses the effectiveness of foreign exchange interventions in Croatia, the Czech Republic, Hungary, Romania, Slovakia and Turkey using the event study approach. Interventions are found to be effective only in the short run when they ease appreciation pressures. Central bank communication and interest rate steps considerably enhance their effectiveness. The observed effect of interventions on the exchange rate corresponds to the declared objectives of the central banks of Croatia, the Czech Republic, Hungary and perhaps also Romania, whereas this is only partially true for Slovakia and Turkey. Finally, interventions are mostly sterilized in all countries except Croatia. Interventions are not much more effective in Croatia than in the other countries studied. This suggests that unsterilized interventions do not automatically influence the exchange rate.
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
page . Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
Paper provided by Institute of Economics, Hungarian Academy of Sciences in its series IEHAS Discussion Papers with number
0615.
Download reference. The following formats are available: HTML
(with abstract ),
plain text
(with abstract ),
BibTeX ,
RIS (EndNote, RefMan, ProCite),
ReDIF
Length: 53 pages
Date of creation: 2006Date of revision:
Handle: RePEc:has:discpr:0615Contact details of provider: Postal: 1112 Budapest, Budaorsi ut 45. Phone: (36-1) 319-3119 Fax: (36-1) 319-3136 Web page: http://econ.core.hu More information through EDIRC
For technical questions regarding this item, or to correct its listing, contact: (Zsuzsa Balabán).
Keywords: central bank intervention ; communication ; foreign exchenge intervention ; verbal intervention ; Other versions of this item:
Find related papers by JEL classification: F31 - International Economics - - International Finance - - - Foreign Exchange
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.:
Marcel Fratzscher, 2005.
"How successful are exchange rate communication and interventions? Evidence from time-series and event-study approaches ,"
Working Paper Series
528, European Central Bank.
[Downloadable!]
Lucio Sarno & Mark P. Taylor, 2001.
"Official Intervention in the Foreign Exchange Market: Is It Effective and, If So, How Does It Work? ,"
Journal of Economic Literature ,
American Economic Association, vol. 39(3), pages 839-868, September.
[Downloadable!] (restricted)
Other versions: Ozge Akinci & Olcay Yucel Culha & Umit Ozlale & Gulbin Sahinbeyoglu, 2005.
"The Effectiveness of Foreign Exchange Interventions for the Turkish Economy : A Post-Crisis Period Analysis ,"
Working Papers
0506, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
[Downloadable!]
Gabriele Galati & Piti Disyatat, 2005.
"The effectiveness of foreign exchange intervention in emerging market countries: evidence from the Czech koruna ,"
BIS Working Papers
172, Bank for International Settlements.
[Downloadable!]
Other versions: Hali Edison & Paul Cashin & Hong Liang, 2006.
"Foreign exchange intervention and the Australian dollar: has it mattered? ,"
International Journal of Finance & Economics ,
John Wiley & Sons, Ltd., vol. 11(2), pages 155-171.
[Downloadable!]
Other versions: Áron Gereben & György Gyomai & Norbert Kiss M., 2006.
"Customer order flow, information and liquidity on the Hungarian foreign exchange market ,"
MNB Working Papers
2006/8, Magyar Nemzeti Bank (The Central Bank of Hungary).
[Downloadable!]
Ilker Domac & Alfonso Mendoza, 2002.
"Is there Room for Forex Interventions under Inflation Targeting Framework? Evidence from Mexico and Turkey ,"
Discussion Papers
0206, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
[Downloadable!]
Rasmus Fatum, 2005.
"Daily Effects of Foreign Exchange Intervention: Evidence from Official Bank of Canada Data ,"
EPRU Working Paper Series
05-07, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics.
[Downloadable!]
Jesus Crespo-Cuaresma & Jarko Fidrmuc & Ronald MacDonald, 2005.
"The monetary approach to exchange rates in the CEECs ,"
The Economics of Transition ,
The European Bank for Reconstruction and Development, vol. 13(2), pages 395-416, 04.
[Downloadable!] (restricted)
Other versions:
Jesús Crespo-Cuaresma & Jarko Fidrmuc & Ronald McDonald, 2004.
"The monetary approach to exchange rates in the CEECs ,"
Macroeconomics
0401013, EconWPA.
[Downloadable!] Crespo-Cuaresma, Jesús & Fidrmuc, Jarko & McDonald, Ronald, 2003.
"The monetary approach to exchange rates in the CEECs ,"
BOFIT Discussion Papers
14/2003, Bank of Finland, Institute for Economies in Transition.
[Downloadable!] Adam Gersl & Tomás Holub, 2006.
"Foreign Exchange Interventions Under Inflation Targeting: The Czech Experience ,"
Contemporary Economic Policy ,
Western Economic Association International, vol. 24(4), pages 475-491, October.
[Downloadable!] (restricted)
Other versions: Viera Chmelarova & Gunter Schnabl, 2006.
"Exchange rate stabilization in developed and underdeveloped capital markets ,"
Working Paper Series
636, European Central Bank.
[Downloadable!]
A. Craig MacKinlay, 1997.
"Event Studies in Economics and Finance ,"
Journal of Economic Literature ,
American Economic Association, vol. 35(1), pages 13-39, March.
[Downloadable!] (restricted)
Humpage, Owen F, 1999.
"U.S. Intervention: Assessing the Probability of Success ,"
Journal of Money, Credit and Banking ,
Blackwell Publishing, vol. 31(4), pages 731-47, November.
Rasmus Fatum & Michael M. Hutchison, 2003.
"Is sterilised foreign exchange intervention effective after all? an event study approach ,"
Economic Journal ,
Royal Economic Society, vol. 113(487), pages 390-411, 04.
[Downloadable!] (restricted)
Other versions: Egert, Balazs & Komarek, Lubos, 2006.
"Foreign exchange interventions and interest rate policy in the Czech Republic: Hand in glove? ,"
Economic Systems ,
Elsevier, vol. 30(2), pages 121-140, June.
[Downloadable!] (restricted)
Other versions: Zsolt Ersek, 2005.
"Defending the strong side of the band - the Hungarian experience ,"
BIS Papers chapters ,
in: Bank for International Settlements (ed.), Foreign exchange market intervention in emerging markets: motives, techniques and implications, volume 24, pages 171-76
Bank for International Settlements.
[Downloadable!]
Full
references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
Emre Ozsoz & Erick W. Rengifo & Dominick Salvatore, 2008.
"Dollarization as an Investment Signal in Developing Countries: The Case of Croatia, Czech Republic, Peru, Slovak Republic and Turkey ,"
Fordham Economics Discussion Paper Series
dp2008-16, Fordham University, Department of Economics.
[Downloadable!]
Marcel Fratzscher & Arnaud Mehl, 2008.
"Do China and oil exporters influence major currency configurations? ,"
Working Paper Series
973, European Central Bank.
[Downloadable!]
Other versions:
Access and
download statistics Did you know? IDEAS is not the only service displaying RePEc data. Choose on RePEc which service fits your needs best.
This page was last updated on 2009-11-25.
This information is provided to you by IDEAS at the Department of Economics , College of Liberal Arts and Sciences , University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics .