Is Official Intervention Effective? The Case of Turkey

Feride Öztürk and Macide Cicek
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Macide Cicek: Dumlupinar University, Department of Economics, Postal: Merkez Kampus Tavsanli Yolu 10.Km - Kutahya - Turkey, http://www.dpu.edu.tr

Economia Internazionale / International Economics, 2007, vol. 60, issue 3, 343-353

Abstract: Central banks intervene in foreign exchange markets despite the empirical studies suggesting that these intervention operations do not systematically alter the exchange rates. Since the Turkish lira was floated in February 2001, the Central Bank of the Republic of Turkey (CBRT) has engaged in foreign exchange operations. Applying an event study methodology we evaluate the effectiveness of these operations over the period 2002-2005. Our results indicate that intervention operations by the CBRT have been partly successful in affecting TL/USD exchange rate.

Keywords: Foreign exchange intervention; event study (search for similar items in EconPapers)
JEL-codes: E58 F31 G14 (search for similar items in EconPapers)
Date: 2007
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