Is Official Intervention Effective? The Case of Turkey
Central banks intervene in foreign exchange markets despite the empirical studies suggesting that these intervention operations do not systematically alter the exchange rates. Since the Turkish lira was floated in February 2001, the Central Bank of the Republic of Turkey (CBRT) has engaged in foreign exchange operations. Applying an event study methodology we evaluate the effectiveness of these operations over the period 2002-2005. Our results indicate that intervention operations by the CBRT have been partly successful in affecting TL/USD exchange rate.
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Volume (Year): 60 (2007)
Issue (Month): 3 ()
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