Central bank interventions, communication and interest rate policy in emerging European economies
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 communicatio...
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| Veröffentlicht in: | Journal of Comparative Economics 2007-06, Vol.35 (2), p.387-413 |
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| creator | Egert, Balazs |
| description | 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.
Journal of Comparative Economics
35 (2) (2007) 387–413. |
| doi_str_mv | 10.1016/j.jce.2007.02.004 |
| format | Article |
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Journal of Comparative Economics
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Journal of Comparative Economics
35 (2) (2007) 387–413.</description><subject>Central and Eastern Europe</subject><subject>Central bank intervention</subject><subject>Central banks</subject><subject>Central Europe</subject><subject>Communication</subject><subject>Comparative studies</subject><subject>Eastern Europe</subject><subject>Event study</subject><subject>Fiscal policy</subject><subject>Foreign exchange</subject><subject>Foreign exchange rates</subject><subject>FX intervention</subject><subject>Interest rate moves</subject><subject>Interest rate policy</subject><subject>Interest rates</subject><subject>Transition economies</subject><subject>Turkey</subject><subject>Verbal intervention</subject><issn>0147-5967</issn><issn>1095-7227</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2007</creationdate><recordtype>article</recordtype><sourceid>X2L</sourceid><recordid>eNp9kE1v1DAQhiNEJZaWH8At4sCJhLGd2BtxQqvypUpc2rPlOJPikNjBTlbaf98JQRw4cPDX-HlHoyfLXjMoGTD5figHiyUHUCXwEqB6lh0YNHWhOFfPswOwShV1I9WL7GVKAwBjtYRDZk7ol2jGvDX-Z-78gvFMFRd8epfbME2rd9Zs79z4bgcwLXk0C-ZzGJ29UDHHCeOj84_57RrDjIYqNvgwOUw32VVvxoSv_pzX2cOn2_vTl-Lu--evp493ha0auRSdOIIVdV8x6PDYiY7zGmTf2r7vG9U1UKmWG4tNq2rWIJNVQ3BVYatEy3orrrO3e985hl8rzagnlyyOo_EY1qSFlBKUVAS--Qccwho9zaY5KWMKjpwgtkM2hpQi9nqObjLxohnozbgeNBnXm3ENXJNxynzbMxFntH8DiEgk6dBnLYyoabvQ-p0Uxm1XWvP2d1S6YkL_WCZq9mFvhuTs7DDqZB16i52LaBfdBfefUZ4AMZejUA</recordid><startdate>20070601</startdate><enddate>20070601</enddate><creator>Egert, Balazs</creator><general>Elsevier Inc</general><general>Elsevier</general><general>Elsevier BV</general><scope>DKI</scope><scope>X2L</scope><scope>AAYXX</scope><scope>CITATION</scope><scope>8BJ</scope><scope>FQK</scope><scope>JBE</scope></search><sort><creationdate>20070601</creationdate><title>Central bank interventions, communication and interest rate policy in emerging European economies</title><author>Egert, Balazs</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c496t-d380c35f410de8d3d22506fbcfff97d9047b2ace9b7519e16495f444eb73b1fc3</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2007</creationdate><topic>Central and Eastern Europe</topic><topic>Central bank intervention</topic><topic>Central banks</topic><topic>Central Europe</topic><topic>Communication</topic><topic>Comparative studies</topic><topic>Eastern Europe</topic><topic>Event study</topic><topic>Fiscal policy</topic><topic>Foreign exchange</topic><topic>Foreign exchange rates</topic><topic>FX intervention</topic><topic>Interest rate moves</topic><topic>Interest rate policy</topic><topic>Interest rates</topic><topic>Transition economies</topic><topic>Turkey</topic><topic>Verbal intervention</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Egert, Balazs</creatorcontrib><collection>RePEc IDEAS</collection><collection>RePEc</collection><collection>CrossRef</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>International Bibliography of the Social Sciences</collection><collection>International Bibliography of the Social Sciences</collection><jtitle>Journal of Comparative Economics</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Egert, Balazs</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Central bank interventions, communication and interest rate policy in emerging European economies</atitle><jtitle>Journal of Comparative Economics</jtitle><date>2007-06-01</date><risdate>2007</risdate><volume>35</volume><issue>2</issue><spage>387</spage><epage>413</epage><pages>387-413</pages><issn>0147-5967</issn><eissn>1095-7227</eissn><abstract>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.
Journal of Comparative Economics
35 (2) (2007) 387–413.</abstract><cop>San Diego</cop><pub>Elsevier Inc</pub><doi>10.1016/j.jce.2007.02.004</doi><tpages>27</tpages><oa>free_for_read</oa></addata></record> |
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| ispartof | Journal of Comparative Economics, 2007-06, Vol.35 (2), p.387-413 |
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| language | eng |
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| source | RePEc; ScienceDirect Journals (5 years ago - present) |
| subjects | Central and Eastern Europe Central bank intervention Central banks Central Europe Communication Comparative studies Eastern Europe Event study Fiscal policy Foreign exchange Foreign exchange rates FX intervention Interest rate moves Interest rate policy Interest rates Transition economies Turkey Verbal intervention |
| title | Central bank interventions, communication and interest rate policy in emerging European economies |
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