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Efectos de las intervenciones en el mercado cambiario: el caso de Chile

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  • Matías Tapia
  • Andrea Tokman

    ()

Abstract

Este artículo estudia el efecto de las intervenciones cambiarias realizadas por el Banco Central de Chile sobre la paridad peso/dolar, utilizando datos diarios de intervenciones entre 1998 y 2003. Estimaciones de series de tiempo con MCO (tras testear la existencia de exogeneidad débil) y con MC"E son utilizadas. Los resultados muestran que el efectos de intervenciones individuales no es significativamente distinto de cero. Sin embargo, los anuncios al principio de ambos períodos de intervención postflotación tuvieron un efecto significativo sobre el nivel y la tendencia del tipo de cambio. Esto sugiere que el mercado se ajustó a la información revelada por tales anuncios.

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File URL: http://www.econ.uchile.cl/uploads/publicacion/b39c98bb-8a7a-411e-a148-fd408db45dfa.pdf
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Bibliographic Info

Article provided by University of Chile, Department of Economics in its journal Estudios de Economia.

Volume (Year): 30 (2003)
Issue (Month): 1 Year 2003 (June)
Pages: 21-53

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Handle: RePEc:udc:esteco:v:30:y:2003:i:1:p:21-53

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Web page: http://www.econ.uchile.cl/
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Related research

Keywords: Tipo de cambio; intervención cambiaria.;

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Cited by:
  1. Adolfo Barajas & Roberto Steiner & Leonardo Villar & Cesar Pabon, 2014. "Inflation Targeting in Latin America," Research Department Publications IDB-WP-473, Inter-American Development Bank, Research Department.
  2. Matías Tapia & Andrea Tokman, 2004. "Effects of Foreign Exchange Intervention Under Public Information: the Chilean Case," Working Papers Central Bank of Chile 255, Central Bank of Chile.
  3. Luis Felipe Lagos & Rodrigo Cerda, 2006. "Tipo de Cambio Nominal en un Régimen de Flotación: Chile 2000-2005," Documentos de Trabajo 313, Instituto de Economia. Pontificia Universidad Católica de Chile..
  4. Claudio Soto G. & Alberto Naudon D. & Eduardo López E. & Álvaro Aguirre R., 2004. "About International Reserve Adequacy: The Case of Chile," Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 7(3), pages 5-34, December.
  5. Claudio Soto & Alberto Naudon & Eduardo López & Alvaro Aguirre, 2004. "Acerca del Nivel Adecuado de las Reservas Internacionales," Working Papers Central Bank of Chile 267, Central Bank of Chile.
  6. Miranda, Jorge, 2012. "Tipo de Cambio Real en Chile: Dinámica, Tendencia y Equilibrio
    [Real Exchange Rate in Chile: Dynamics, Trend and Equilibrium]
    ," MPRA Paper 43076, University Library of Munich, Germany.

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