Exchange market pressure in Turkey 1993-2004: an application of the girton-roper monetary model

Inci Parlaktuna

International Economic Journal, 2005, vol. 19, issue 1, 51-62

Abstract: In this paper, Lance Girton & Don Roper's (1977) monetary model of Exchange Market Pressure (EMP) is applied to the Turkish economy in the period of 1993-2004. The results provide strong evidence of negative relation between domestic credit and exchange market pressure (EMP) and indicate that the Central Bank of the Republic of Turkey (TCMB) absorbed most of the exchange market pressure by adjusting the foreign reserves.

Keywords: Exchange market pressure; exchange market intervention; monetary approach to Balance of Payments (BOP) and to exchange rate determination (search for similar items in EconPapers)
Date: 2005
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Citations: View citations in EconPapers (4)

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DOI: 10.1080/1351161042000320371

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