Does an Independent Central Bank Smooth Exchange Rate Volatility? Evidence from Time-Varying Panel Causality Analysis

被引：0

作者：

Yildirim, Durmus Cagri ^{[1
]}

Esen, Oemer ^{[2
]}

Cinar, Ugur ^{[1
]}

机构：

[1] Tekirdag Namik Kemal Univ, Dept Econ, Tekirdag, Turkiye

[2] Tekirdag Namik Kemal Univ, Dept Publ Finance, Tekirdag, Turkiye

来源：

JOURNAL OF CENTRAL BANKING THEORY AND PRACTICE | 2024年 / 13卷 / 02期

关键词：

Time-varying panel causality analysis; E7; countries; Central Bank; Monetary Policy Strategy; C33; E58; F31; LAGRANGE MULTIPLIER TEST; MACROECONOMIC PERFORMANCE; ERROR-CORRECTION; ECONOMIC-GROWTH; INFLATION; TRANSPARENCY; COINTEGRATION; INTERVENTION; TRADE; TESTS;

D O I：

10.2478/jcbtp-2024-0028

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper empirically examines the effect of the central banks independence on exchange rate volatility by using a large data-set for the E7 (7 emerging countries) covering the period 1998-2017. This paper applies the time-varying panel causality analysis to obtain country-based results. The results show that the policy design, with relatively independent central banks, provides supportive results for macroeconomic stability. It is concluded that policies focusing on current problems by ignoring macroeconomic stability, such as the 2008 crisis, have eliminated the relationship between bank independence and stability.

引用

页码：219 / 244

页数：26

共 96 条

[1] Does Central Bank Transparency Deter the Exchange Rate Volatility? New Evidence from Asian Emerging Markets
Aftab, Muhammad
Mehmood, Ahsan
[J]. JOURNAL OF CENTRAL BANKING THEORY AND PRACTICE, 2023, 12 (02) : 133 - 163
[2] Akhtar M.A., 1984, Federal Reserve Bank of New York Quarterly Review, P7
[3] Akinci M, 2015, CENT BANK REV, V15, P1
[4] CENTRAL BANK INDEPENDENCE AND MACROECONOMIC PERFORMANCE - SOME COMPARATIVE EVIDENCE
ALESINA, A
SUMMERS, LH
[J]. JOURNAL OF MONEY CREDIT AND BANKING, 1993, 25 (02) : 151 - 162
[5] Aliyu S.U. R., 2010, Applied Financial Economics, V20, P1071, DOI [10.1080/09603101003724380, DOI 10.1080/09603101003724380]
[6] Exchange-rate volatility and foreign trade: Evidence from thirteen LDC's
Arize, AC
[J]. JOURNAL OF BUSINESS & ECONOMIC STATISTICS, 2000, 18 (01) : 10 - 17
[7] A Lagrange Multiplier test for cross-sectional dependence in a fixed effects panel data model
Baltagi, Badi H.
Feng, Qu
Kao, Chihwa
[J]. JOURNAL OF ECONOMETRICS, 2012, 170 (01) : 164 - 177
[8] Exchange rate variability and the riskiness of US multinational firms: Evidence from the breakdown of the Bretton Woods system
Bartov, E
Bodnar, GM
Kaul, A
[J]. JOURNAL OF FINANCIAL ECONOMICS, 1996, 42 (01) : 105 - 132
[9] Central bank independence and public debt policy
Beetsma, RMWJ
Bovenberg, AL
[J]. JOURNAL OF ECONOMIC DYNAMICS & CONTROL, 1997, 21 (4-5) : 873 - 894
[10] Official central bank interventions and exchange rate volatility: Evidence from a regime-switching analysis
Beine, M
Laurent, S
Lecourt, C
[J]. EUROPEAN ECONOMIC REVIEW, 2003, 47 (05) : 891 - 911

← 1 2 3 4 5 6 7 8 9 10 →