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Effects of additional monetary tightening on exchange rates

Ergun Ermisoglu, Yasin Akcelik, Arif Oduncu and Temel Taskin ()

Eurasian Economic Review, 2014, vol. 4, issue 1, 79 pages

Abstract: Since the global financial crisis, central banks have used various policy tools to sustain financial stability in addition to price stability. Additional Monetary Tightening (AMT) is one of these tools that the Central Bank of the Republic of Turkey used in 2011–2012. The effects of this tool on the exchange rate are the main theme of this paper. Our analysis indicates that AMT has a significant role in reducing volatility in the exchange rate. We also show that during the days of additional tightening Turkish Lira appreciated against the other emerging market currencies. Copyright Eurasia Business and Economics Society 2014

Keywords: Additional monetary tightening; Central Bank of the Republic of Turkey’s New Policy Mix; Turkish Lira; Emerging markets; C22; E58 (search for similar items in EconPapers)
Date: 2014
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Working Paper: The Effects of Additional Monetary Tightening on Exchange Rates (2013) Downloads
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DOI: 10.1007/s40822-014-0004-3

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