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

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Author Info
Matías Tapia
Andrea Tokman ()

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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://econ.uchile.cl/public/Archivos/pub/b39c98bb-8a7a-411e-a148-fd408db45dfa.pdf
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Publisher 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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Find related papers by JEL classification:
E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
F31 - International Economics - - International Finance - - - Foreign Exchange
G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies

Cited by:
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  1. 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. [Downloadable!]
  2. 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. [Downloadable!]
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This page was last updated on 2009-11-17.

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