Foreign exchange interventions in a small emerging market: the case of Croatia |
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| Authors: | Balázs Égert Maroje Lang |
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| Institution: | 1. Oesterreichische Nationalbank, Vienna, Austria; CESifo, Munich, Germany; Economix, University of Paris X-Nanterre, Paris, France; William Davidson Institute, Ann Arbor, Michigan, USA
2. Croatian National Bank, Zagreb, Croatia
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| Abstract: | This paper studies the impact of daily official foreign exchange interventions on the exchange rates in Croatia for the period from 1996 to 2004. Using the event study methodology and a variety of GARCH models reveals that the Croatian central bank was in a position to influence, to some extent, the level of the exchange rate during the period studied. This lends support to the view that foreign exchange intervention may be effective in emerging market economies. |
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