Real exchange rate volatility in the presence of financial fragility and central bank intervention in Turkey/ created by Deǧer Eryar

By:

Eryar, Deǧer [author]

Material type: Text

TextSeries: Comparative economic studies ; Volume 53, number 4Basingstoke: Palgrave Macmillan, 2011Content type:

text

Media type:

unmediated

Carrier type:

volume

ISSN:

03605930,

Subject(s):

Purchasing power parity -- Volatility -- Financial market regulation -- 1990-2007 -- Turkey

LOC classification:

HB90 COM

Abstract: The purpose of this paper is to investigate whether the balance sheet of the private sector has played a role in the volatility of the real exchange rate in Turkey after the capital account liberalization in 1989. The results of this paper indicate that the rise in the short-term and non-financial sector debt as a ratio to GDP has significantly increased real exchange rate volatility in the post-crisis period. Another result is that the Turkish central bank has intervened in the foreign exchange markets to lower real exchange rate volatility by mitigating the adverse impact of financial fragility indicators.

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Holdings
Item type	Current library	Call number	Vol info	Copy number	Status	Notes	Date due	Barcode
Journal Article	Main Library - Special Collections	HB90 COM (Browse shelf(Opens below))	Vol. 53, no.4 (pages 535-556)	SP11432	Not for loan	For In House Use Only

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Previous	HB90 COM Comparative economic studies :	HB90 COM Comparative economic studies :	HB90 COM Extreme risks in financial markets and monetary policies of the Euro-candidates/	HB90 COM Real exchange rate volatility in the presence of financial fragility and central bank intervention in Turkey/	HB90 COM International banking and country risk calculus: the experience of Greek banks in Southeastern Europe/	HB90 COM Relationship lending in emerging markets: evidence from the Czech Republic/	HB90 COM Rent-seeking, hierarchy and centralization: why the Soviet Union collapsed so fast and what it means for market economies/	Next

The purpose of this paper is to investigate whether the balance sheet of the private sector has played a role in the volatility of the real exchange rate in Turkey after the capital account liberalization in 1989. The results of this paper indicate that the rise in the short-term and non-financial sector debt as a ratio to GDP has significantly increased real exchange rate volatility in the post-crisis period. Another result is that the Turkish central bank has intervened in the foreign exchange markets to lower real exchange rate volatility by mitigating the adverse impact of financial fragility indicators.

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