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Exchange Market Pressure and Monetary Policy

  • Sayera Younus

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    The objective of this study is to examine empirically the impact of monetary policy on exchange market pressure (EMP) in Bangladesh. EMP is measured as the sum of percentage change of international reserves scaled by the monetary base and nominal exchange rate appreciation.Domestic credit, the domestic component of monetary base, which is considered as the variable directly controlled by policy makers is used as measure of monetary policy.

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    File URL: http://www.esocialsciences.org/Download/repecDownload.aspx?fname=Document12912010140.6228449.pdf&fcategory=Articles&AId=2389&fref=repec
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    Paper provided by eSocialSciences in its series Working Papers with number id:2389.

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    Date of creation: Jan 2010
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    Handle: RePEc:ess:wpaper:id:2389
    Note: Institutional Papers
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    1. Jai Mah, 1998. "Exchange market pressure in Korea: dynamic specifications," Applied Economics Letters, Taylor & Francis Journals, vol. 5(12), pages 765-768.
    2. Dickey, David A & Fuller, Wayne A, 1981. "Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root," Econometrica, Econometric Society, vol. 49(4), pages 1057-72, June.
    3. Pentecost, Eric J. & Van Hooydonk, Charlotte & Van Poeck, Andre, 2001. "Measuring and estimating exchange market pressure in the EU," Journal of International Money and Finance, Elsevier, vol. 20(3), pages 401-418, June.
    4. Bahmani-Oskooee, Mohsen & Shiva, Reza, 1998. "A method of detecting whether a central bank engages in the black market for foreign exchange: Evidence from Iran," Economics Letters, Elsevier, vol. 60(1), pages 97-103, July.
    5. Stephen Pollard, 1999. "Foreign exchange market pressure and transmission of international disturbances: the case of Barbados, Guyana, Jamaica, and Trinidad & Tobago," Applied Economics Letters, Taylor & Francis Journals, vol. 6(1), pages 1-4.
    6. Davidson, Russell & Godfrey, Leslie & MacKinnon, James G, 1985. "A Simplified Version of the Differencing Test," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 26(3), pages 639-47, October.
    7. 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.
    8. Priya Mathur, 1999. "An Exchange Market Pressure Model for India," Indian Economic Review, Department of Economics, Delhi School of Economics, vol. 34(2), pages 127-148, July.
    9. Wright, J. H., 1993. "The CUSUM test based on least squares residuals in regressions with integrated variables," Economics Letters, Elsevier, vol. 41(4), pages 353-358.
    10. Johansen, Soren & Juselius, Katarina, 1990. "Maximum Likelihood Estimation and Inference on Cointegration--With Applications to the Demand for Money," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 52(2), pages 169-210, May.
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