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An Analysis of Central Bank Interventions on Forex Market For The Post-Crisis Period

  • Levent Korap

    (Marmara University)

In this paper, we investigate the determinants of foreign exchange operations of the CBRT for the post-crisis period. Using modern time series econometrics, we try to analyze the different characteristics of FOREX market, and based on the estimation results, indicate the degree of effectiveness of the interventions of monetary authority throughout the implicit inflation targeting framework. The main policy conclusion is that the CBRT interventions seem to be under the control of uncertainties in economic environment, rather than decreasing the volatilities in exchange market, and this case in turn leads the interventions being inefficient.

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Paper provided by Turkish Economic Association in its series Working Papers with number 2006/4.

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Length: 35 pages
Date of creation: 2006
Date of revision:
Handle: RePEc:tek:wpaper:2006/4
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  14. 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.
  15. C. Emre Alper & Ziya Onis, 2002. "Soft Budget Constraints, Government Ownership of Banks and Regulatory Failure: The Political Economy of the Turkish Banking System in the Post-Capital Account Liberalization Era," Working Papers 2002/02, Bogazici University, Department of Economics.
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