This study aims to analyze the effect of releases of FOMC minutes on the BRICS countries’ asset prices and Turkey’s asset prices. The novel data from minutes, which is set by the Federal Open Market Committee, is taken into account for the FOMC announcements. The sample data for the study also includes asset prices of these countries. In order to measure the volatility, the methodology of GARCH modeling is used in this study. The empirical findings provide important impacts of those FOMC announcements on the mean and volatility of asset prices. The GARCH volatility modeling offers remarkable results in decision-making for financial institutions, investors and policymakers.
Topics in Middle Eastern and North African Economies
Middle East Economic Association and Loyola University Chicago
Toren, Evrim, "The Influence of FOMC Minutes for Asset Prices in BRICS Countries and Turkey through GARCH Volatility Modeling". Topics in Middle Eastern and North African Economies, electronic journal, 19, 1, Middle East Economic Association and Loyola University Chicago, 2017, http://www.luc.edu/orgs/meea/
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