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Erscheinungsjahr: 
2023
Quellenangabe: 
[Journal:] Journal of Central Banking Theory and Practice [ISSN:] 2336-9205 [Volume:] 12 [Issue:] 2 [Year:] 2023 [Pages:] 133-163
Verlag: 
Sciendo, Warsaw
Zusammenfassung: 
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 study uses a fixed effect re-gression model covering the Asian financial crisis, global financialcrisis, banking crisis, and taper tantrum episodes. Results show thatan increase in central bank transparency has a stabilizing effect onexchange rate volatility, and this effect remains even after controlling for various internal and external factors. The uncertainty of USmonetary policy increases exchange rate volatility, while US eco-nomic policy uncertainty contributes only during the global finan-cial crisis. Interestingly, central bank transparency buffers the effectsof the global financial crisis, indicating that it plays a facilitating rolein maintaining financial stability. Studies that examine the role ofcentral bank transparency in curbing exchange rate volatility, whichis a crucial issue in these markets, are rare in emerging markets' con-text. This research offers interesting findings by using a variety ofrobustness checks.
Schlagwörter: 
Central Bank Transparency
Exchange Rate Volatility
Monetary Policy
Emerging Markets
JEL: 
E58
F31
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