Exchange rate volatility has emerged as a significant chal-lenge for Asian emerging markets since the adoption of the liberalization process. This study examines the influence of central banktransparency on exchange rate volatility using a sample of ten important Asian emerging markets. The...

This paper analyses the effects of the foreign exchange re-serves accumulation on the key nominal and real macroeconomicvariables (GDP, employment, prices and exchange rates) in BRICcountries (Brazil, Russia, India, China). VAR model was used toempirically examine the effect of accumulation of...

This paper analyses the impact of central bank interven-tions in the inflation targeting regime. The results of empirical stud-ies in this paper show if there is a shock of the exchange rate, which would lead to depreciation of the exchange rate, a central bank may decide to mush instability on...

Modern central banks increasingly value monetary policy transparency, and attempt to build credibility by communicating their decisions to the public. This paper studies whether the communication of central banks can be used to explain upcoming changes in their most important monetary policy...

Transparency in the work of central banks has become one of the key features of monetary policy. Because of this, many economists have diverted to finding the most suitable way to measure it. Although a unique method of measurement has yet to be achieved, there are various studies in the...

This study provides robust evidence on how the choice ofthe policy instrument for monetary policy influences its impact oneconomic activity. We study the case of South Korea for the period1980-2017. We use FAVAR models that allow a comprehensive explo-ration of different areas of economic...

The research work presented below addresses the possible concern of central bank independence through the development and application of econometric models. The complexity of the modelling has allowed a step further in corroborating that financial independence is not only linked to the...

Communication has become a vital part of modern monetary policy, and its importance is even higher during a crisis when a central bank has to calm the markets down. This paper studies the information content of different styles of communication from individual central bank policymakers in the...

This paper deals with the neglected issue of central banks' social responsibility. Since central banks exert the "structural power" on economies as well as on societies, their power should be regulated and controlled by society through a reliable framework of social responsibility. To that aim,...

Generally, one of the important issues related to currency crises is the output losses caused by these phenomena. In this study, determinants of output losses and particularly the role of the central bank will be evaluated during currency crises. Moreover, the paper tries to investigate the...