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Effectiveness of the Foreign Exchange Intervention in Russia

Student: Irina Nazarova

Supervisor: Andrey G. Shulgin

Faculty: Faculty of Economics

Educational Programme: Economics (Bachelor)

Year of Graduation: 2017

The research analyzes effectiveness of the foreign exchange intervention in Russia from 10.11.2014 to 31.03.2017 using daily data within a VEC model. In order to assess the effectiveness of the foreign exchange intervention Russian currency market is modeled. Ruble exchange rate dynamic is described with REPO transaction, oil prices and news. Conducted analysis shows effectiveness of the intervention in short-run. Signaling channel is not statistically significant. Oil prices have statistically significant impact on ruble exchange rate in short and long run.

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