References
- ADLER, G., CHANG, K. S., and WANG, Z. (2021). Patterns of foreign exchange intervention under inflation targeting. Latin American Journal of Central Banking, 2(4), 100045.
- AIZENMAN, J., HUTCHISON, M., and NOY, I. (2011). Inflation targeting and real exchange rates in emerging markets. World development, 39(5), 712-724.
- AKINCI, Ö., CULHA, O. Y., ÖZLALE, Ü., and ŞAHINBEYOĞLU, G. (2006). The effectiveness of foreign exchange interventions under a floating exchange rate regime for the Turkish economy: a post-crisis period analysis. Applied Economics, 38(12), 1371-1388.
- BANERJEE, B., ZEMAN, J., ÓDOR, Ľ., and RIISKA, W. O. (2018). On the effectiveness of central bank intervention in the foreign exchange market: the case of Slovakia, 1999–2007. Comparative Economic Studies, 60(3), 442-474.
- BERGANZA, J. C., and BROTO, C. (2012). Flexible inflation targets, forex interventions and exchange rate volatility in emerging countries. Journal of International Money and Finance, 31(2), 428-444.
- BLANCHARD, O., and ADLER, G. (2015). Can foreign exchange intervention stem exchange rate pressures from global capital flow shocks? Cambridge: National Bureau of Economic Research. DOI: https://doi.org/10.3386/w21427
- CABALLERO, R., and KRISHNAMURTHY, A. (2001). A “vertical” analysis of crises and intervention: fear of floating and ex-ante problems. Cambridge: National Bureau of Economic Research. DOI: https://doi.org/10.3386/w8428
- CALVO, G. A., and REINHART, C. M. (2000). Fixing for your life. Cambridge: National Bureau of Economic Research. DOI: https://doi.org/10.3386/w8006
- CALVO, G. A., and REINHART, C. M. (2002). Fear of floating. The Quarterly Journal of Economics, 117(2), 379-408.
- CAVOLI, T. (2009). Is fear of floating justified?: The East Asia experience. Journal of Policy Modeling, 31(1), 1-16.
- CERMEÑO, R., VILLAGÓMEZ, F. A., and POLO, J. O. (2012). Monetary Policy Rules In A Small Open Economy: An Application to Mexico. Journal of Applied Economics, 15(2), 259-286.
- CHANG, R. (2008). Inflation targeting, reserves accumulation, and exchange rate management in Latin America. Borradores de Economía, 487, 1-78.
- CHEN, S. S., and LIN, T. Y. (2019). Do exchange rate shocks have asymmetric effects on reserve accumulation? evidence from emerging markets. The Scandinavian Journal of Economics, 121(4), 1561-1586.
- CHEUNG, Y. W., and QIAN, X. (2009). Hoarding of international reserves: Mrs Machlup’s wardrobe and the Joneses. Review of international economics, 17(4), 824-843.
- DE MELLO, L., and MOCCERO, D. (2011). Monetary policy and macroeconomic stability in Latin America: The cases of Brazil, Chile, Colombia and Mexico. Journal of International Money and Finance, 30(1), 229-245.
- DING, X., and WANG, M. (2022). The Effectiveness of Foreign Exchange Intervention: Empirical Evidence from Vietnam. The Journal of Asian Finance, Economics and Business, 9(2), 37-47.
- DOMAÇ, I., and MENDOZA, A. (2004). Is there room for foreign exchange interventions under an inflation targeting framework? Evidence from Mexico and Turkey (T. W. Bank Ed.). Washington: The World Bank.
- DUDZICH, V. (2020). Relationships between exchange rate regime, real exchange rate volatility and currency structure of government bonds in emerging markets. Review of Economic Perspectives, 20(1), 3-22.
- ÉGERT, B., and KOMÁREK, L. (2006). Foreign exchange interventions and interest rate policy in the Czech Republic: Hand in glove? Economic Systems, 30(2), 121-140.
- FALTERMEIER, J., LAMA, R., and MEDINA, J. P. (2022). Foreign exchange intervention for commodity booms and busts. European Economic Review, 143, 1-22.
- FATUM, R., and HUTCHISON, M. (1999). Is intervention a signal of future monetary policy? Evidence from the federal funds futures market. Journal of Money, Credit and Banking, 31(1), 54-69.
- FURLANI, L. G. C., PORTUGAL, M. S., and LAURINI, M. P. (2010). Exchange rate movements and monetary policy in Brazil: Econometric and simulation evidence. Economic Modelling, 27(1), 284-295.
- GUIMARÃES, R. F., and KARACADAG, C. (2004). The Empirics of Foreign Exchange Intervention in Emerging Market Countries: The Cases of Mexico and Turkey. IMF Working Papers, 4(123), 1-33.
- GUJARATI, D. N. (2014). Econometrics by example: Palgrave Macmillan.
- HANSEN, E., and MORALES, M. (2019). When does the Central Bank intervene the foreign exchange market? Estimating a time‐varying threshold intervention function. International Review of Finance, 1-11.
- HUMALA, A., and RODRÍGUEZ, G. (2010). Foreign exchange intervention and exchange rate volatility in Peru. Applied Economics Letters, 17(15), 1485-1491.
- JAWADI, F., MALLICK, S. K., and SOUSA, R. M. (2014). Nonlinear monetary policy reaction functions in large emerging economies: the case of Brazil and China. Applied Economics, 46(9), 973-984.
- JOHANNES, B. W., and SONDERGAARD, L. Q. (2007). Reserve accumulation: objective or by-product? Frankfurt: ECB.
- JUURIKKALA, T., KARAS, A., and SOLANKO, L. (2011). The role of banks in monetary policy transmission: Empirical evidence from Russia. Review of international economics, 19(1), 109-121.
- KAMINSKY, G. L., and LEWIS, K. K. (1996). Does foreign exchange intervention signal future monetary policy? Journal of Monetary Economics, 37(2), 285-312.
- KIM, S. (2003). Monetary policy, foreign exchange intervention, and the exchange rate in a unifying framework. Journal of international economics, 60(2), 355-386.
- KIM, S. (2005). Monetary policy, foreign exchange policy, and delayed overshooting. Journal of Money, Credit, and Banking, 37(4), 775-782.
- KRIZEK, D., and BRCAK, J. (2021). Support for export as a non-standard Central Bank policy: foreign exchange interventions in the case of the Czech Republic. Eastern Journal of European Studies, 12(1), 191.
- LEVY-YEYATI, E., and STURZENEGGER, F. (2007). Fear of appreciation. Washington: World Bank.
- MENKHOFF, L. (2013). Foreign exchange intervention in emerging markets: a survey of empirical studies. The World Economy, 36(9), 1187-1208.
- MINELLA, A., DE FREITAS, P. S., GOLDFAJN, I., and MUINHOS, M. K. (2003). Inflation targeting in Brazil: constructing credibility under exchange rate volatility. Journal of International Money and Finance, 22(7), 1015-1040.
- MISHKIN, F. S., and SAVASTANO, M. A. (2001). Monetary policy strategies for Latin America. Journal of Development Economics, 66(2), 415-444.
- MISHKIN, F. S., and SCHMIDT-HEBBEL, K. (2007). Does inflation targeting make a difference?: National Bureau of Economic Research.
- MUNDACA, G. (2018). Central bank interventions in a dollarized economy: managed floating versus inflation targeting. Empirical Economics, 55(4), 1507-1535.
- NEELY, C. J. (2000). Are changes in foreign exchange reserves well correlated with official intervention? Review, 82(5), 17-32.
- NEELY, C. J. (2005). An analysis of recent studies of the effect of foreign exchange intervention. Review, 87(6), 685-718.
- PESARAN, M. H., SHIN, Y., and SMITH, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289-326.
- PONOMARENKO, A. (2019). Do sterilized foreign exchange interventions create money? Journal of Asian Economics, 62, 1-16.
- RAKHMAD, W., and HANDOYO, R. D. (2020). Foreign Exchange Intervention: Has It Been Effective in Indonesia. International Journal of Advance Science and Technology, 29(4), 1937-1946.
- REINHART, C. M., and ROGOFF, K. S. (2004). The modern history of exchange rate arrangements: a reinterpretation. The Quarterly Journal of Economics, 119(1), 1-48.
- RISHAD, A., and GUPTA, S. (2019). The effectiveness of foreign exchange intervention in India: Evidence from time-series approach. Journal of Statistics and Management Systems, 22(4), 707-718.
- ROGER, S., RESTREPO, J., and GARCIA, C. (2009). Hybrid Inflation Targeting Regimes. MF Working Papers, 9(234), 1-57.
- ROSSINI, R., QUISPE, Z., and SERRANO, E. (2013). Foreign exchange intervention in Peru. Basel: BIS.
- SÁNCHEZ-FUNG, J. R. (2011). Estimating monetary policy reaction functions for emerging market economies: The case of Brazil. Economic Modelling, 28(4), 1730-1738.
- SHAMBAUGH, J. C. (2004). The effect of fixed exchange rates on monetary policy. The Quarterly Journal of Economics, 119(1), 301-352.
- SIDERIS, D. A. (2008). Foreign exchange intervention and equilibrium real exchange rates. Journal of International Financial Markets, Institutions and Money, 18(4), 344-357.
- SVENSSON, L. E. (2000). Open-economy inflation targeting. Journal of international economics, 50(1), 155-183.
- VILLAMIZAR‐VILLEGAS, M. (2016). Identifying the effects of simultaneous monetary policy shocks. Contemporary Economic Policy, 34(2), 268-296.
- WANG, Y., JIANG, C., CHANG, H.-L., and SU, C.-W. (2015). Are Taylor Rules Valid in Central Eastern European Countries? Ekonomicky Casopis, 63(7), 665.
- YILMAZKUDAY, H. (2007). Inflation targeting supported by managed exchange rate. Applied Economics, 39(16), 2011-2026.