چکیده:
T his paper investigates the impact of monetary policies on the exchange rate of selected developing countries during the period 2001-2010. For this purpose, in addition to the theoretical explanation, dynamic panel data based on the generalized method of moments (GMM) have been used to estimate the model. Our findings indicate that the lag of exchange rate variable has a positive and significant effect on the exchange rate. This result reflects the dynamics of the exchange rate over time. Additionally, this paper indicates that the coefficient of liquidity as an indicator of monetary policy is positive and significant. Moreover, GDP, inflation, and exports of goods and services have negative, positive, and negative effects on the exchange rate, respectively, and all are statistically significant. Paying more attention to the exchange rate and the optimal control of liquidity in the economy is suggested as a policy recommendation in this research.
خلاصه ماشینی:
In a theoretical approach, monetary policy can affect economic variables through various channels such as interest rates, exchange rates, asset prices, and the credit channel (Nyakerario and Nyamongo, 2010).
Therefore, in the present research, the impact of monetary policy on the exchange rate of selected developing countries is experimentally examined with the generalized method of moments (GMM).
According to theoretical and experimental studies such as Assenmacher and Gerlach (2008), Edwards (1989), and Jalili (2013), the empirical model is as follows: = + β + θ + λ + + (1) where : The exchange rate for country i in period t : Liquidity (monetary policy indicator) for country i in period t Vector of regressors and control variables, such as GDP, inflation, and export, affecting the exchange rate.
The Results of Stationary Tests for Variables in Levels and First Difference test LLC IPS FISHER-ADF FISHER-PP Source: Author‟s calculation Variables used in Table 1: LER is exchange rate, LM2 is liquidity as an indicator of monetary policy, LGDP is gross domestic production, INFLATION is obtained from consumer price index growth and LEXPORT is export of goods and services.
As the results show, the liquidity variable as a proxy of monetary policy has a positive and significant effect on the exchange rate of the selected developing countries.
The results showed that monetary policy (liquidity) and other variables used in the model have a significant impact on the exchange rate of selected developing countries.