Exchange intervention effect in Colombia: 2004-2006

This article measures the effectiveness of the exchange interventions executed exerted by the Colombian Central Bank between 2004-2006 from a relative measure for the size of such interventions and its effects on the mean and variance of the nominal exchange rate in the country in such period. The o...

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Detalles Bibliográficos
Autores principales:	Mauricio A. Hernández Monsalve, Ramón Javier Mesa Callejas
Formato:	Artículo científico
Publicado:	Universidad Central de Venezuela 2008
Materias:	Economía y Finanzas Sterilized interventions exchange regime managed floating exchange market exchange rate portfolio model
Acceso en línea:	http://www.redalyc.org/articulo.oa?id=36414110 http://biblioteca.clacso.edu.ar/gsdl/cgi-bin/library.cgi?a=d&c=ve/ve-004&d=36414110oai
Aporte de:	Red de Bibliotecas Virtuales de Ciencias Sociales (CLACSO) de Consejo Latinoamericano de Ciencias Sociales

id	I16-R122-36414110oai
record_format	dspace
institution	Consejo Latinoamericano de Ciencias Sociales
institution_str	I-16
repository_str	R-122
collection	Red de Bibliotecas Virtuales de Ciencias Sociales (CLACSO)
topic	Economía y Finanzas Sterilized interventions exchange regime managed floating exchange market exchange rate portfolio model
spellingShingle	Economía y Finanzas Sterilized interventions exchange regime managed floating exchange market exchange rate portfolio model Mauricio A. Hernández Monsalve Ramón Javier Mesa Callejas Exchange intervention effect in Colombia: 2004-2006
topic_facet	Economía y Finanzas Sterilized interventions exchange regime managed floating exchange market exchange rate portfolio model
description	This article measures the effectiveness of the exchange interventions executed exerted by the Colombian Central Bank between 2004-2006 from a relative measure for the size of such interventions and its effects on the mean and variance of the nominal exchange rate in the country in such period. The obtained results by means of a relative index of intervention, a GARCH estimation and an impulse-response function, indicate that such interventions had little and transitory effects in the level and variance of the exchange rate, presenting several day delays and being rapidly discounted by the market. Likewise, it is shown that such interventions, executed in a moment when a strong appreciation process of the Colombian peso happened, did not generate inflationary pressures and could moderate, but not revert, the peso/dollar revaluation tendency .
format	Artículo científico Artículo científico
author	Mauricio A. Hernández Monsalve Ramón Javier Mesa Callejas
author_facet	Mauricio A. Hernández Monsalve Ramón Javier Mesa Callejas
author_sort	Mauricio A. Hernández Monsalve
title	Exchange intervention effect in Colombia: 2004-2006
title_short	Exchange intervention effect in Colombia: 2004-2006
title_full	Exchange intervention effect in Colombia: 2004-2006
title_fullStr	Exchange intervention effect in Colombia: 2004-2006
title_full_unstemmed	Exchange intervention effect in Colombia: 2004-2006
title_sort	exchange intervention effect in colombia: 2004-2006
publisher	Universidad Central de Venezuela
publishDate	2008
url	http://www.redalyc.org/articulo.oa?id=36414110 http://biblioteca.clacso.edu.ar/gsdl/cgi-bin/library.cgi?a=d&c=ve/ve-004&d=36414110oai
work_keys_str_mv	AT mauricioahernandezmonsalve exchangeinterventioneffectincolombia20042006 AT ramonjaviermesacallejas exchangeinterventioneffectincolombia20042006
bdutipo_str	Repositorios
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Exchange intervention effect in Colombia: 2004-2006

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