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
  • [41] COPD Screening in Primary Care in Four Latin American Countries: Methodology of the PUMA Study
    Schiavi, Eduardo
    Stirbulov, Roberto
    Hernandez Vecino, Ramon
    Mercurio, Sandra
    Di Boscio, Valentina
    ARCHIVOS DE BRONCONEUMOLOGIA, 2014, 50 (11): : 469 - 474
  • [42] A Four-Speed Reform: A Typology for Legal Capacity Reforms in Latin American Countries
    Caycho, Renato Antonio Constantino
    Lazarte, Renata Anahi Bregaglio
    LAWS, 2023, 12 (03)
  • [43] Mangroves and people: Lessons from a history of use and abuse in four Latin American countries
    Lopez-Angarita, Juliana
    Roberts, Callum M.
    Tilley, Alexander
    Hawkins, Julie P.
    Cooke, Richard G.
    FOREST ECOLOGY AND MANAGEMENT, 2016, 368 : 151 - 162
  • [44] THE BURDEN OF OSTEOPOROSIS IN FOUR LATIN AMERICAN COUNTRIES: BRAZIL, MEXICO, COLOMBIA, AND ARGENTINA.
    Aziziyeh, R.
    VALUE IN HEALTH, 2018, 21 : S365 - S365
  • [45] Socioeconomic inequalities in access barriers to seeking health services in four Latin American countries
    Houghton, Natalia
    Bascolo, Ernesto
    del Riego, Amalia
    REVISTA PANAMERICANA DE SALUD PUBLICA-PAN AMERICAN JOURNAL OF PUBLIC HEALTH, 2020, 44
  • [46] Effectiveness of health promotion and public health interventions: Lessons from Latin American Cases
    de Salazar, Ligia
    COLOMBIA MEDICA, 2010, 41 (01): : 85 - 97
  • [47] COST-EFFECTIVENESS ANALYSIS OF A CERVICAL CANCER VACCINE IN FIVE LATIN AMERICAN COUNTRIES
    Colantonio, L.
    Gomez, J.
    Demarteau, N.
    Standaert, B. A.
    Pichon-Riviere, A.
    Augustovski, F. A.
    Tatti, S. A.
    Lorenzato, F.
    Carvalho, N. S.
    Suarez, E.
    Shigematsu, L. M. R.
    Salmeron, J.
    Bautista Garcia, F.
    Santos Ortiz, C.
    VALUE IN HEALTH, 2009, 12 (07) : A484 - A484
  • [48] Cost-effectiveness analysis of a cervical cancer vaccine in five Latin American countries
    Colantonio, Lisandro
    Gomez, Jorge A.
    Demarteau, Nadia
    Standaert, Baudouin
    Pichon-Riviere, Andres
    Augustovski, Federico
    VACCINE, 2009, 27 (40) : 5519 - 5529
  • [49] The effectiveness of policy interventions in CEE countries
    Andries, Alin-Marius
    Iesan-Muntean, Florentina
    Nistor, Simona
    EASTERN JOURNAL OF EUROPEAN STUDIES, 2016, 7 (01) : 93 - 124
  • [50] CYBERSPACE SECURITY IN LATIN AMERICAN COUNTRIES
    Kosevich, E. Yu.
    POLIS-POLITICHESKIYE ISSLEDOVANIYA, 2022, (03): : 108 - 123