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2. Download the daily Turkish Lira per US dollar exchange rate, EL/8,t, for every business day t in December 2021 and in March 2022 (drop
2. Download the daily Turkish Lira per US dollar exchange rate, EL/8,t, for every business day t in December 2021 and in March 2022 (drop weekend days, in which the exchange rate change is equal to zero). These data can be found here: https://excelrates.com/historical- exchange-rates/USD-TRY. What is the standard deviation of the daily log growth rates of El/8,t in December 2021 and (separately) in March 2022. To calculate the standard deviation, first calculate the daily logathmic growth rates of the exchange rate (i.e. In (EL/8,t/EL/8,t-1) between dates in December 2021 and in March 2022 (excluding those weekend days in which the exchange rate change is equal to zero), and then calculate the standard deviation for each of these two months. How does it com- pare with the standard deviation of the daily log growth rate of Euro per US dollar exchange rate EEUR/8,t (https://excelrates.com/historical-exchange-rates/USD-EUR) during December 2021 and during March 2022? Based on these data, what do you conclude about the volatility of exchange rates in emerging markets versus those in advanced economies
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