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The effectiveness of foreign exchange intervention in Croatia (CROSBI ID 665346)

Prilog sa skupa u zborniku | izvorni znanstveni rad | međunarodna recenzija

Lang, Maroje The effectiveness of foreign exchange intervention in Croatia // Fifth Annual Conference of Bank of Albania: Central Banking in the Time of Integration. Tirana: Bank of Albania, 2005. str. 465-500

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

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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

Povezanost rada

Povezane osobe




Ekonomija