The effectiveness of forex interventions in four Latin American countries

被引:26
|
作者
Broto, Carmen [1 ]
机构
[1] Banco Espana, Madrid 28014, Spain
关键词
Exchange rate volatility; Foreign exchange interventions; GARCH; EXCHANGE-RATE VOLATILITY; CENTRAL BANKS; GARCH MODELS; MARKET; DOLLAR;
D O I
10.1016/j.ememar.2013.03.003
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
Many central banks actively intervene in the forex market, although there is no consensus on its impact on the exchange rate level and volatility. We analyze the effects of daily forex interventions in four Latin American economies with inflation targets - namely, Chile, Colombia, Mexico and Peru - by fitting GARCH-type models. These countries represent a broad span of intervention strategies in terms of size and frequency, ranging from pure discretional to rule-based interventions. We find that only first interventions, either isolated or the initial one in a rule-based series, are able to reduce exchange rate volatility, whereas their size plays a minor role. (C) 2013 Elsevier B.V. All rights reserved.
引用
收藏
页码:224 / 240
页数:17
相关论文
共 50 条
  • [31] Tsunamis in Latin American countries
    Mas, Erick
    Koshimura, Shunichi
    COASTAL ENGINEERING JOURNAL, 2020, 62 (03) : 349 - 349
  • [32] Principals' role and public primary schools' effectiveness in four Latin American cities
    Anderson, Joan B.
    ELEMENTARY SCHOOL JOURNAL, 2008, 109 (01): : 36 - 60
  • [33] Gambling in the Latin American Countries
    Lopez-Rey, Manuel
    ANNALS OF THE AMERICAN ACADEMY OF POLITICAL AND SOCIAL SCIENCE, 1950, 269 : 134 - 143
  • [34] Breast cancer age at diagnosis patterns in four Latin American Populations: A comparison with North American countries
    Franco-Marina, Francisco
    Lopez-Carrillo, Lizbeth
    Keating, Nancy L.
    Arreola-Ornelas, Hector
    Marie Knaul, Felicia
    CANCER EPIDEMIOLOGY, 2015, 39 (06) : 831 - 837
  • [35] The ECO VI Organizational Climate Scale: An Invariance Study in Four Latin American Countries
    Martinolli, Guido
    Posada, Alejandro Sanin
    Tordera, Nuria
    INTERNATIONAL JOURNAL OF PSYCHOLOGICAL RESEARCH, 2023, 16 (01): : 89 - 102
  • [36] Changes in the Sodium Content of Foods Sold in Four Latin American Countries: 2015 to 2018
    Blanco-Metzler, Adriana
    Vega-Solano, Jaritza
    Franco-Arellano, Beatriz
    Allemandi, Lorena
    Larroza, Rodrigo Burgos
    Saavedra-Garcia, Lorena
    Weippert, Madyson
    Sivakumar, Bridve
    Benavides-Aguilar, Karla
    Tiscornia, Victoria
    Buzarquis, Guillermo Sequera
    Guarnieri, Leila
    Meza-Hernandez, Mayra
    Villalba, Felicia Canete
    Castronuovo, Luciana
    Schermel, Alyssa
    L'Abbe, Mary R.
    Arcand, JoAnne
    NUTRIENTS, 2021, 13 (11)
  • [37] Respiratory Medication Use In Primary Care Of Four Latin American Countries: The Puma Study
    Jardim, J.
    Stirvulov, R.
    Moreno, D.
    Zabert, G.
    Lopez Varela, M.
    Montes De Oca, M.
    AMERICAN JOURNAL OF RESPIRATORY AND CRITICAL CARE MEDICINE, 2016, 193
  • [38] BUCCAL USE OF MISOPROSTOL ALONE FOR EARLY ABORTION: THE EXPERIENCE IN FOUR LATIN AMERICAN COUNTRIES
    Sayette, H.
    Redwine, D.
    Sivin, I
    Foster-Rosales, A.
    Cullins, V
    CONTRACEPTION, 2011, 84 (03) : 304 - 304
  • [39] The Effects of Gendered Social Capital on US Migration: A Comparison of Four Latin American Countries
    Cote, Rochelle R.
    Jensen, Jessica Eva
    Roth, Louise Marie
    Way, Sandra M.
    DEMOGRAPHY, 2015, 52 (03) : 989 - 1015
  • [40] Characteristics attributed by mothers to commonly fed complementary foods in four Latin American countries
    Sywulka, SM
    Frongillo, EA
    Lutter, C
    FASEB JOURNAL, 2004, 18 (04): : A168 - A168