| الوصف: |
This paper analyzes the macro prudential policy by the central bank to maintain the financial�system stability. Using panel data of the government banks, foreign, private, joint venture, and regional�development banks during 2004- 2012, we employ Vector Autoregressive Exogenous (VARX) and event�analysis method and find that the level of exchange rate volatility decrease after the implementation of�the one month holding period, six-month holding period and net open position policies. However, for�the nominal exchange rate, these policies are not effective. In aggregate the reserve requirement plus�loan to deposit ratio policy is effective to raise the bank credit allocation. Furthermore, the impact of the�primary reserve policy is very limited to lower the liquidity of the economy; while at the same time the�flow of foreign capital comes into very heavy. ; Hedging, derivative market, foreign liability |