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

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