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The Effects of Additional Monetary Tightening on Exchange Rates

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

MPRA Paper from University Library of Munich, Germany

Abstract: Since the global financial crisis, Central Banks have used various policy tools to sustain financial stability besides price stability. Additional Monetary Tightening 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 additional monetary tightening has a significant role in reducing volatility in the exchange rate. It is also shown that during the days of additional tightening Turkish Lira appreciated against the emerging market currencies.

Keywords: Additional Monetary Tightening; Turkish Lira; Exchange Rates; Central Bank of the Republic of Turkey’s New Policy Mix; GARCH (search for similar items in EconPapers)
JEL-codes: C12 C58 E52 E58 (search for similar items in EconPapers)
Date: 2013-02
New Economics Papers: this item is included in nep-ara, nep-cba and nep-mon
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Citations: View citations in EconPapers (5) Track citations by RSS feed

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Related works:
Journal Article: Effects of additional monetary tightening on exchange rates (2014) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:46615

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