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La experiencia colombiana bajo un régimen de fluctuación controlada del tipo de cambio: el papel de las intervenciones bancarias

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Author Info
Mauricio Alberto Hernández Monsalve () (Universidad de Antioquia.)
Ramón Javier Mesa () (Universidad de Antioquia.)

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Abstract

The behavior of Colombian politics over recent years, associated to the set of interventions on the exchange market, is the stylized fact that motivated this study. The objective is to measure the relative size of currency exchange interventions during 2004 and 2006, a period of appreciation of the peso, and to calculate its effectiveness regarding the effects over the mean and variance of the nominal exchange rate. The determination of the exchange rate through a portfolio balance model and the use of currency exchange market intervention indexes show that interventions of the Central Bank seeking to protect the controlled floating regime have had small and transitory effects on the level and variance of the exchange rate

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Publisher Info
Article provided by Universidad de Antioquia, Departamento de Economía in its journal LECTURAS DE ECONOMÍA.

Volume (Year): (2006)
Issue (Month): 65 (Julio-Diciembre)
Pages: 37-72
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Handle: RePEc:lde:journl:y:2006:i:65:p:37-72

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Web page: http://economia.udea.edu.co
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Postal: Apartado Aéreo 1226, Medellín - Colombia

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Related research
Keywords: stylized interventions; exchange regime; dirty float; exchange market; exchange rate; portfolio model.;

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Find related papers by JEL classification:
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
F31 - International Economics - - International Finance - - - Foreign Exchange
G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions

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  1. Peter Bofinger & Timo Wollmershäuser, 2003. "Managed Floating as a Monetary Policy Strategy," Economic Change and Restructuring, Springer, vol. 36(2), pages 81-109, June. [Downloadable!] (restricted)
  2. Lucio Sarno & Mark P. Taylor, 2001. "Official Intervention in the Foreign Exchange Market: Is It Effective and, If So, How Does It Work?," Journal of Economic Literature, American Economic Association, vol. 39(3), pages 839-868, September. [Downloadable!] (restricted)
    Other versions:
  3. Stanley Fischer, 2001. "Exchange Rate Regimes: Is the Bipolar View Correct?," Journal of Economic Perspectives, American Economic Association, vol. 15(2), pages 3-24, Spring. [Downloadable!] (restricted)
  4. Michael D. Bordo, 2003. "Exchange Rate Regime Choice in Historical Perspective," NBER Working Papers 9654, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  5. Frankel, Jeffrey, 2003. "Experience of and Lessons from Exchange Rate Regimes in Emerging Economies," Working Paper Series rwp03-011, Harvard University, John F. Kennedy School of Government. [Downloadable!]
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  6. Jorge Toro & Juan Manuel Julio, 2005. "Efectividad De La Intervención Discrecional Del Banco De La República En El Mercado Cambiario," BORRADORES DE ECONOMIA 002411, BANCO DE LA REPÚBLICA. [Downloadable!]
    Other versions:
  7. Laurence Ball, 1998. "Policy Rules for Open Economies," NBER Working Papers 6760, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  8. Anna J. Schwartz, 2000. "The Rise and Fall of Foreign Exchange Market Intervention," NBER Working Papers 7751, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  9. Jeffrey A. Frankel and Richard Meese., 1987. "Are Exchange Rates Excessively Variable," Economics Working Papers 8738, University of California at Berkeley.
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  10. Fischer, Andreas M & Zurlinden, Mathias, 1999. "Exchange Rate Effects of Central Bank Interventions: An Analysis of Transaction Prices," Economic Journal, Royal Economic Society, vol. 109(458), pages 662-76, October. [Downloadable!] (restricted)
  11. Bofinger, Peter & Wollmershaeuser, Timo, 2001. "Managed Floating: Understanding the New International Monetary Order," CEPR Discussion Papers 3064, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  12. Guillermo A. Calvo & Carmen M. Reinhart, 2000. "Fear of Floating," NBER Working Papers 7993, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
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