The effectiveness of foreign exchange intervention in Croatia (CROSBI ID 665346)
Prilog sa skupa u zborniku | izvorni znanstveni rad | međunarodna recenzija
Podaci o odgovornosti
Lang, Maroje
engleski
The effectiveness of foreign exchange intervention in Croatia
The purpose of this paper is to empirically explore the effectiveness of foreign exchange intervention in Croatia. Foreign exchange intervention is the main policy instrument of the Croatian National Bank (CNB), since, due to the prevailing eurisation in Croatia, monetary policy operates primarily through the exchange rate channel. This paper describes the mechanics and implementation of foreign exchange interventions and presents their statistics. For that purpose the reaction function of the CNB is estimated. The hypothesis that the foreign exchange intervention is effective is supported with the stability of the exchange rate during the last decade, as well as their profitability. In addition, two different statistical methods are employed - the time series analysis and the event study. The event study methodology is used to analyse the elements that influence the effectiveness of individual interventions.
monetary policy ; exchange rate ; foreign exchange intervention
nije evidentirano
nije evidentirano
nije evidentirano
nije evidentirano
nije evidentirano
nije evidentirano
Podaci o prilogu
465-500.
2005.
objavljeno
Podaci o matičnoj publikaciji
Fifth Annual Conference of Bank of Albania: Central Banking in the Time of Integration
Tirana: Bank of Albania
Podaci o skupu
Central banking in the time of integration : fifth annual conference of Bank of Albania
predavanje
24.03.2005-25.03.2005
Drač, Albanija