IDEAS home Printed from https://ideas.repec.org/a/ris/revlde/1958.html

Una subasta doble de divisas para la determinación del tipo de cambio en Bolivia

Author

Listed:
  • Bernardo X. Fernández

    (Gobierno del Reino Unido)

  • Vladimir Fernández Q

    (BDP, Sociedad de titularización.)

  • E. René Aldazosa

    (Banco Central de Bolivia)

Abstract

Este estudio presenta un mecanismo competitivo de subasta doble para el mercado de divisas boliviano que permitiría al Banco Central de Bolivia (BCB), en su calidad de “martillero” dentro del mecanismo, conocer con mayor exactitud las condiciones que atraviesa dicho mercado y las expectativas de los principales actores en dicho mercado. Con esta valiosa información, y en el marco de los objetivos generales de preservar la estabilidad macroeconómica y fortalecer la producción local, consolidando el proceso de des-dolarización de la economía, la autoridad cambiaria contará con mayores recursos que le permitan aplicar una política cambiaria más activa y eficaz

Suggested Citation

  • Bernardo X. Fernández & Vladimir Fernández Q & E. René Aldazosa, 2018. "Una subasta doble de divisas para la determinación del tipo de cambio en Bolivia," Revista Latinoamericana de Desarrollo Economico, Carrera de Economía de la Universidad Católica Boliviana (UCB), issue 29, pages 152-189.
    • Handle: RePEc:ris:revlde:1958
    as

    Download full text from publisher

    File URL: http://www.iisec.ucb.edu.bo/assets/publicacion/ilovepdf_com-152-189.pdf
    File Function: Full text
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. repec:cii:cepiei:2010-4tb is not listed on IDEAS
    2. 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.
    3. Nuttathum Chutasripanich & James Yetman, 2015. "Foreign exchange intervention: strategies and effectiveness," BIS Working Papers 499, Bank for International Settlements.
    4. repec:imf:imfops:2000/011 is not listed on IDEAS
    5. Guillermo A. Calvo & Carmen M. Reinhart, 2002. "Fear of Floating," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 117(2), pages 379-408.
    6. Friedman, Daniel, 1991. "A simple testable model of double auction markets," Journal of Economic Behavior & Organization, Elsevier, vol. 15(1), pages 47-70, January.
    7. Nabil Aflouk & Se-Eun Jeong & Jacques Mazier & Jamel Saadaoui, 2010. "Exchange Rate Misalignments and International Imbalances a FEER Approach for Emerging Countries," International Economics, CEPII research center, issue 124, pages 31-74.
    8. Gode, Dhananjay K & Sunder, Shyam, 1993. "Allocative Efficiency of Markets with Zero-Intelligence Traders: Market as a Partial Substitute for Individual Rationality," Journal of Political Economy, University of Chicago Press, vol. 101(1), pages 119-137, February.
    9. Jeannine Bailliu & John Murray, 2003. "Exchange Rate Regimes in Emerging Markets," Bank of Canada Review, Bank of Canada, vol. 2002(Winter), pages 17-27.
    10. Lawrence H. Summers, 2000. "International Financial Crises: Causes, Prevention, and Cures," American Economic Review, American Economic Association, vol. 90(2), pages 1-16, May.
    11. Maurice Obstfeld & Jay C. Shambaugh & Alan M. Taylor, 2005. "The Trilemma in History: Tradeoffs Among Exchange Rates, Monetary Policies, and Capital Mobility," The Review of Economics and Statistics, MIT Press, vol. 87(3), pages 423-438, August.
    12. Martín Tobal & Renato Yslas, 2018. "Two Models of FX Market Interventions: The Cases of Brazil and Mexico," Investigación Conjunta-Joint Research, in: Alberto Ortiz-Bolaños (ed.), Monetary Policy and Financial Stability in Latin America and the Caribbean, edition 1, volume 1, chapter 7, pages 221-257, Centro de Estudios Monetarios Latinoamericanos, CEMLA.
    13. Broto, Carmen, 2013. "The effectiveness of forex interventions in four Latin American countries," Emerging Markets Review, Elsevier, vol. 17(C), pages 224-240.
    14. Linda Goldberg & Rafael Tenorio, 1995. "Strategic Trading in a Two-Sided Foreign Exchange Auction," NBER Working Papers 5187, National Bureau of Economic Research, Inc.
    15. Derek H. Aldcroft & Michael J. Oliver, 1998. "Exchange Rate Regimes in the Twentieth Century," Books, Edward Elgar Publishing, number 865.
    16. Gjerstad, Steven & Dickhaut, John, 1998. "Price Formation in Double Auctions," Games and Economic Behavior, Elsevier, vol. 22(1), pages 1-29, January.
    17. Sugato Chakravarty & Robert A. Wood & Robert A. Van Ness, 2004. "Decimals And Liquidity: A Study Of The Nyse," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 27(1), pages 75-94, March.
    18. John Williamson, 2000. "Exchange Rate Regimes for Emerging Markets: Reviving the Intermediate Option," Peterson Institute Press: All Books, Peterson Institute for International Economics, number pa60, January.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Esaka, Taro, 2010. "Exchange rate regimes, capital controls, and currency crises: Does the bipolar view hold?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 20(1), pages 91-108, February.
    2. Fujiki, Hiroshi & Otani, Akira, 2002. "Do Currency Regimes Matter in the 21st Century? An Overview," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 20(S1), pages 47-79, December.
    3. Esaka, Taro, 2010. "De facto exchange rate regimes and currency crises: Are pegged regimes with capital account liberalization really more prone to speculative attacks?," Journal of Banking & Finance, Elsevier, vol. 34(6), pages 1109-1128, June.
    4. Jean-Pierre Allegret & Mohamed Ayadi & Leila Haouaoui, 2007. "Volatility of Shocks and Degree of Exchange Rate Flexibility," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 54(3), pages 271-301, September.
    5. Simrit Kaur & Aditya Vikram, 2013. "Economic impact of trade openness and exchange rate regimes: evidence from developing Asia," International Journal of Business and Emerging Markets, Inderscience Enterprises Ltd, vol. 5(4), pages 341-370.
    6. Barry Eichengreen, 2002. "International Monetary Options for the Twenty-First Century," The ANNALS of the American Academy of Political and Social Science, , vol. 579(1), pages 11-25, January.
    7. Kuttner, Kenneth N & Posen, Adam S, 2001. "Beyond Bipolar: A Three-Dimensional Assessment of Monetary Frameworks," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 6(4), pages 369-387, October.
    8. Mohamed Sfia, 2011. "The choice of exchange rate regimes in the MENA countries: a probit analysis," International Economics and Economic Policy, Springer, vol. 8(3), pages 275-305, September.
    9. Gabriela Mundaca, 2013. "Oil prices and exchange rate volatility in Arab countries," Applied Economics Letters, Taylor & Francis Journals, vol. 20(1), pages 41-47, January.
    10. Corbo, Vittorio, 2002. "Exchange Rate Regimes in the Americas: Is Dollarization the Solution?," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 20(S1), pages 91-111, December.
    11. M S Mohanty & Michela Scatigna, 2005. "Has globalisation reduced monetary policy independence?," BIS Papers chapters, in: Bank for International Settlements (ed.), Globalisation and monetary policy in emerging markets, volume 23, pages 17-58, Bank for International Settlements.
    12. Ali, Syed Zahid & Anwar, Sajid, 2011. "Supply-side effects of exchange rates, exchange rate expectations and induced currency depreciation," Economic Modelling, Elsevier, vol. 28(4), pages 1650-1672, July.
    13. Vittorio Corbo, 2002. "Another Look at Exhange Rate and Monetary Regime Options for Latin America," Documentos de Trabajo 228, Instituto de Economia. Pontificia Universidad Católica de Chile..
    14. Apanard Angkinand & Eric Chiu & Thomas Willett, 2009. "Testing the Unstable Middle and Two Corners Hypotheses About Exchange Rate Regimes," Open Economies Review, Springer, vol. 20(1), pages 61-83, February.
    15. Lin, Shu, 2006. "Does it pay to go to the corners? An empirical evaluation of the bipolar view of exchange rate regimes," Economics Letters, Elsevier, vol. 92(3), pages 342-347, September.
    16. Corgnet, Brice & DeSantis, Mark & Porter, David, 2020. "The distribution of information and the price efficiency of markets," Journal of Economic Dynamics and Control, Elsevier, vol. 110(C).
    17. Itzhak Rasooly, 2022. "Competitive equilibrium and the double auction," Papers 2209.07532, arXiv.org.
    18. Taguchi, Hiroyuki, 2005. "The exchange rate managements in crisis-experienced emerging market economies after the 1990s," MPRA Paper 63788, University Library of Munich, Germany.
    19. Stephen Grenville, 2010. "Central Banks and Capital Flows," Chapters, in: Masahiro Kawai & Mario B. Lamberte (ed.), Managing Capital Flows, chapter 3, Edward Elgar Publishing.
    20. Marko Malovic, 2007. "Exchange Rate Regimes and Monetary Policies in Emerging Markets: A Showdown for Few Theoretical Misconceptions," Economic Analysis, Institute of Economic Sciences, vol. 40(1-2), pages 17-28.

    More about this item

    Keywords

    ;
    ;
    ;
    ;

    JEL classification:

    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions
    • F30 - International Economics - - International Finance - - - General
    • F31 - International Economics - - International Finance - - - Foreign Exchange

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ris:revlde:1958. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Carlos Gustavo Machicado (email available below). General contact details of provider: https://edirc.repec.org/data/iisecbo.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.