The Fear of Floating and the Turkish Experience
| dc.contributor.advisor | Tom Gerig, Committee Member | en_US |
| dc.contributor.advisor | John S. Lapp, Committee Member | en_US |
| dc.contributor.advisor | Douglas K. Pearce, Committee Chair | en_US |
| dc.contributor.author | Onder, Yusuf | en_US |
| dc.date.accessioned | 2010-04-02T18:09:53Z | |
| dc.date.available | 2010-04-02T18:09:53Z | |
| dc.date.issued | 2006-07-05 | en_US |
| dc.degree.discipline | Economics | en_US |
| dc.degree.level | thesis | en_US |
| dc.degree.name | MA | en_US |
| dc.description.abstract | This paper gives a brief description of the fear of floating concept and discusses the Turkish fear of floating experience. Using the intervention data released by the Central Bank of Turkey, we then estimate a reaction function for the Central Bank's interventions, conducted between the years 2002 — 2006. We make use of a multinomial logistic model to estimate a reaction function for both buy and sell interventions separately. Our results show that the TRL⁄USD exchange rate level, deviations from the trend and exchange rate market volume are all important factors in the Central Bank's reaction function. The Central Bank's response exhibits differences between selling USD interventions and buying USD interventions. Moreover, we also find that the Central Bank is more responsive to higher volatility in the case of depreciating Turkish New Lira environment. | en_US |
| dc.identifier.other | etd-06262006-030116 | en_US |
| dc.identifier.uri | http://www.lib.ncsu.edu/resolver/1840.16/2054 | |
| dc.rights | I hereby certify that, if appropriate, I have obtained and attached hereto a written permission statement from the owner(s) of each third party copyrighted matter to be included in my thesis, dissertation, or project report, allowing distribution as specified below. I certify that the version I submitted is the same as that approved by my advisory committee. I hereby grant to NC State University or its agents the non-exclusive license to archive and make accessible, under the conditions specified below, my thesis, dissertation, or project report in whole or in part in all forms of media, now or hereafter known. I retain all other ownership rights to the copyright of the thesis, dissertation or project report. I also retain the right to use in future works (such as articles or books) all or part of this thesis, dissertation, or project report. | en_US |
| dc.subject | multinomial logistic regression | en_US |
| dc.subject | foreign exchange | en_US |
| dc.subject | intervention | en_US |
| dc.subject | Central Bank of Turkey | en_US |
| dc.subject | fear of floating | en_US |
| dc.subject | Turkish fear of floating | en_US |
| dc.title | The Fear of Floating and the Turkish Experience | en_US |
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