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Credibility of CIS Exchange Rate Policies : A technical trader's view

Title data

Bauer, Christian ; Herz, Bernhard:
Credibility of CIS Exchange Rate Policies : A technical trader's view.
In: Emerging Markets Review. Vol. 8 (2007) Issue 1 . - pp. 50-66.
ISSN 1566-0141
DOI: https://doi.org/10.1016/j.ememar.2006.09.009

Abstract in another language

Stabilizing the exchange rate is a major monetary policy goal in a number of CIS countries. We present a technical traders–fundamentalists model of the foreign exchange market that allows us to classify de facto exchange rate management and derive a market based measure of the credibility of these exchange rate regimes. In our empirical analysis we compare the exchange rate policies of Belarus, Kazakhstan, Russia and Ukraine with the benchmark of three candidates for EU accession, namely Bulgaria, Romania and Turkey. Our results indicate that markets assign a relatively high degree of credibility to the exchange rate management of the CIS countries. The paths to credibility, however, were quite different.

Further data

Item Type: Article in a journal
Refereed: Yes
Keywords: Monetary policy; Exchange rate policy; Credibility; CIS; Eastern Europe; Technical trading
Institutions of the University: Faculties > Faculty of Law, Business and Economics > Department of Economics > Chair Economics I > Chair Economics I - Univ.-Prof. Dr. Bernhard Herz
Faculties
Faculties > Faculty of Law, Business and Economics
Faculties > Faculty of Law, Business and Economics > Department of Economics
Faculties > Faculty of Law, Business and Economics > Department of Economics > Chair Economics I
Result of work at the UBT: Yes
DDC Subjects: 300 Social sciences > 330 Economics
Date Deposited: 02 Apr 2015 06:11
Last Modified: 02 Apr 2015 06:11
URI: https://eref.uni-bayreuth.de/id/eprint/9773