دانلود مقاله ISI انگلیسی شماره 93238
کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
93238 2017 14 صفحه PDF سفارش دهید 11196 کلمه
خرید مقاله
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عنوان انگلیسی
The relationship between exchange rates and interest rates in a small open emerging economy: The case of Romania
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Economic Modelling, Volume 67, December 2017, Pages 261-274

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چکیده انگلیسی

This paper revisits the relationship between interest rates and exchange rates in a small open emerging economy using wavelet-based methodologies. Based on data for Romania, our results confirm the theoretical predictions on the interest rate - exchange rate relationship during turmoil or policy changes. In the short term, the relationship is negative, confirming the sticky-price models, and over the long term, the relationship is positive, confirming the Purchasing Power Parity theory. At the beginning of the turmoil, the exchange rate movements generally take the lead over the interest rates for the first month, but the monetary authorities take the lead afterwards. Our results reveal that in a small open emerging economy with a direct inflation targeting monetary policy regime, the relationship between exchange rates and interest rate is fundamentally different from that in an advanced economy. Also, our results stress the necessity that the central bank must pay simultaneous attention to both variables in order to achieve their monetary policy targets.

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پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.