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Latin American foreign exchange intervention - Updated

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Author Info
Da Silva, Sergio
Nunes, Mauricio

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Abstract

We examine Latin American foreign exchange intervention in a framework where the exchange rate regime is endogenous and there exists an inefficient, equilibrium foreign exchange intervention bias. The model suggests that greater central bank independence is associated with lesser intervention in the foreign exchange market, and also with leaning-against-the-wind intervention. Both results are confirmed by data from 13 Latin American countries.

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File URL: http://mpra.ub.uni-muenchen.de/1982/
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 1982.

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Date of creation: 2007
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Handle: RePEc:pra:mprapa:1982

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Related research
Keywords: foreign exchange intervention exchange rates Latin America

Find related papers by JEL classification:
F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
F31 - International Economics - - International Finance - - - Foreign Exchange

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  1. Luis Jácome & Francisco Vázquez, 2005. "Any Link Between Legal Central Bank Independence and Inflation? Evidence from Latin America and the Caribbean," Macroeconomics 0508011, EconWPA. [Downloadable!]
  2. Rogoff, Kenneth, 1985. "The Optimal Degree of Commitment to an Intermediate Monetary Target," The Quarterly Journal of Economics, MIT Press, vol. 100(4), pages 1169-89, November. [Downloadable!] (restricted)
  3. Eduardo Lora, 2001. "Structural reforms in Latin America: What has been reformed and how to measure it?," RES Working Papers 4287, Inter-American Development Bank, Research Department. [Downloadable!]
    Other versions:
  4. Richard C. Marston, 1985. "Stabilization Policies in Open Economies," NBER Working Papers 1117, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  5. Luis Ignacio Jácome & Francisco F. Vázquez, 2005. "Any Link Between Legal Central Bank Independence and Inflation? Evidence from Latin America and the Caribbean," IMF Working Papers 05/75, International Monetary Fund. [Downloadable!]
  6. Ugo Panizza & Eduardo Lora, 2002. "Structural Reforms in Latin America Under Scrutiny," RES Working Papers 1012, Inter-American Development Bank, Research Department. [Downloadable!]
  7. Alesina, Alberto & Summers, Lawrence H, 1993. "Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 25(2), pages 151-62, May. [Downloadable!] (restricted)
  8. Eduardo Lora & Ugo Panizza, 2002. "Structural Reforms in Latin America under Scrutiny," RES Working Papers 4303, Inter-American Development Bank, Research Department. [Downloadable!]
    Other versions:
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