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      • Department of Economics
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      The effects of changes in the anticipated and unanticipated fed funds target rate on financial indicators: the case of an emerging market country-Turkey

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      Author(s)
      Berument, Hakan
      Ceylan, N. B.
      Olgun, H.
      Date
      2007
      Source Title
      International Research Journal of Finance and Economics
      Electronic ISSN
      1450-2887
      Publisher
      European Journals Inc.
      Issue
      7
      Pages
      40 - 47
      Language
      English
      Type
      Article
      Item Usage Stats
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      Abstract
      This paper puts forward the thesis that neither the changes in FED Funds anticipated target rate nor the FED Funds unanticipated target changes can be expected to affect the financial indicators of all emerging markets. The paper supports this thesis using the original framework developed by Kuttner (2001) for Turkey. Its basic argument is that FED’s decisions become relevant for an emerging market only after it becomes sufficiently open both on the capital and current account, has established the prerequisite institutional framework, its financial markets have been sufficiently developed and has established economic and political stability. Moreover, the paper shows that the unanticipated component of the FOMC decisions affect the financial indicators more than the anticipated component.
      Keywords
      Emerging markets
      FED funds rate
      Monetary policy
      Permalink
      http://hdl.handle.net/11693/49178
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      • Department of Economics 724
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