[Home ] [Archive]   [ فارسی ]  
:: Main :: About :: Current Issue :: Archive :: Search :: Submit :: Contact ::
:: Volume 30, Issue 101 (Quarterly journal of economic research and policies 2022) ::
qjerp 2022, 30(101): 121-165 Back to browse issues page
the Exchange Market Pressure and the Central Bank’s Direct Intervention in such a Market in Selected Oil-exporting Countries
Mohammadjavad Khosrosereshki, Reza Najarzadeh *, Hasan Heydari
University of Tarbiat Modares , ajarzar@modares.ac.ir
Abstract:   (309 Views)
The purpose of this study is to investigate the foreign exchange market pressure (EMP) and the impact of domestic and foreign variables in such markets to access the direct intervention of central banks in these markets in selected oil-exporting countries (Iran, Russia, Norway, and Mexico) during1997/1-2017/4, Using the VECM and VAR model.
The results show that the general situation of the foreign exchange market in Iran and Russia is the appreciation of the national currency and in Mexico and Norway is neutral. Most of the direct interventions of the Central Bank of Iran are under Leaning Against the Wind, by contrast, the other countries' are normal. For Russia, fluctuations in real GDP, for Iran, fluctuations in domestic interest rates, and for Mexico and Norway, fluctuations in domestic and U.S. interest rates affect the EMP. In addition, to explain the level trend of EMP by its shock for each country, for Russia, real GDP shocks, and for Mexico, U.S. interest rates shocks and U.S. GDP shocks also explain the level trend of EMP. The central bank direct interventions of all countries except Norway reacted significantly to the oil price shocks, which can be interpreted that the Norwegian Oil Revenue Fund has succeeded in maintaining independence the central bank direct interventions from global oil market fluctuations.
Keywords: Oil-exporting Countries, Exchange Rate, Exchange Market Pressure, Direct Intervention in Exchange Market
Full-Text [PDF 2010 kb]   (44 Downloads)    
Type of Study: Research | Subject: Special
Received: 2021/06/7 | Accepted: 2022/05/31 | Published: 2022/06/21
Send email to the article author

Add your comments about this article
Your username or Email:

CAPTCHA


XML   Persian Abstract   Print


Download citation:
BibTeX | RIS | EndNote | Medlars | ProCite | Reference Manager | RefWorks
Send citation to:

Khosrosereshki M, Najarzadeh R, Heydari H. the Exchange Market Pressure and the Central Bank’s Direct Intervention in such a Market in Selected Oil-exporting Countries. qjerp. 2022; 30 (101) :121-165
URL: http://qjerp.ir/article-1-3063-en.html


Rights and permissions
Creative Commons License This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
Volume 30, Issue 101 (Quarterly journal of economic research and policies 2022) Back to browse issues page
فصلنامه پژوهشها و سیاستهای اقتصادی Journal of Economic Research and Policies
Persian site map - English site map - Created in 0.06 seconds with 30 queries by YEKTAWEB 4419