Počet záznamů: 1

Determinants and effectiveness of foreign exchange market intervention in Georgia

  1. 1.
    0364281 - NHU-C 2012 RIV US eng J - Článek v odborném periodiku
    Loiseau-Aslanidi, Olga
    Determinants and effectiveness of foreign exchange market intervention in Georgia.
    Emerging Markets Finance and Trade. Roč. 47, č. 4 (2011), s. 75-95 ISSN 1540-496X
    Grant CEP: GA MŠk LC542
    Grant ostatní: UK(CZ) GAUK 259027
    Výzkumný záměr: CEZ:MSM0021620846
    Klíčová slova: determinants of intervention * effectiveness of intervention * foreign exchange intervention
    Kód oboru RIV: AH - Ekonomie
    Impakt faktor: 0.953, rok: 2011

    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.
    Trvalý link: http://hdl.handle.net/11104/0199804