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Determinants and effectiveness of foreign exchange market intervention in Georgia
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SYSNO ASEP 0364281 Document Type J - Journal Article R&D Document Type Journal Article Subsidiary J Článek ve WOS Title Determinants and effectiveness of foreign exchange market intervention in Georgia Author(s) Loiseau-Aslanidi, Olga (NHU-C) Source Title Emerging Markets Finance and Trade - ISSN 1540-496X
Roč. 47, č. 4 (2011), s. 75-95Number of pages 21 s. Language eng - English Country US - United States Keywords determinants of intervention ; effectiveness of intervention ; foreign exchange intervention Subject RIV AH - Economics R&D Projects LC542 GA MŠMT - Ministry of Education, Youth and Sports (MEYS) CEZ MSM0021620846 - NHU-C UT WOS 000294534800006 DOI 10.2753/ree1540-496x470405 Annotation This paper uses unique daily data to study the determinants and the effectiveness of partially sterilized intervention by the National Bank of Georgia (NBG) during the period 1996-2007. Detected structural breaks in the exchange rate and the intervention series are important for NBG intervention motives and effectiveness. The central bank reaction functions indicate that the NBG leans against the wind while smoothing the exchange rate. The intended effect on the level of the exchange rate is observed the day after intervention is conducted. However, the conditional volatility increases with intervention. Workplace Economics Institute - CERGE Contact Tomáš Pavela, pavela@cerge-ei.cz, Tel.: 224 005 122 Year of Publishing 2012
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