UID:
edoccha_9958071483402883
Umfang:
1 online resource (73 p.)
ISBN:
1-4623-5567-6
,
1-4623-1834-7
,
1-283-55629-4
,
9786613868749
,
1-4623-0221-1
Serie:
IMF Working Papers
Inhalt:
This paper examines foreign exchange intervention practices and their effectiveness using a new qualitative and quantitative database for a panel of 15 economies covering 2004 - 10, with special focus on Latin America. Qualitatively, it examines institutional aspects such as declared motives, instruments employed, the use of rules versus discretion, and the degree of transparency. Quantitatively, it assesses the effectiveness of sterilized interventions in influencing the exchange rate using a two-stage IV-panel data approach to overcome endogeneity bias. Results suggest that interventions slow the pace of appreciation, but the effects decrease rapidly with the degree of capital account openness. At the same time, interventions are more effective in the context of already ?overvalued' exchange rates.
Anmerkung:
Description based upon print version of record.
,
Cover Page; Title Page; Copyright Page; Contents; Tables; Figures; 1. Global Conditions and Change in International Reserves-Selected EM/AM Economies; 2. Intervention and Bilateral Exchange Rate in Latin America; 3. Motives for Intervention; A. Frequency and Size of Interventions; 1. Stylized Facts of Foreign Exchange Purchases; B. Declared Intervention Practices; 4. Framework for Intervention; 5. How Do Latin American Countries Actually Intervene?; 6. Instruments of Intervention; 7. Daily Foreign Exchange Market Turnover?; 8. When Are Amounts of Intervention Published?
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A. Estimation Strategy9. US Trade-Weighted Exchange Rate and Flows to EME Asset Funds; 10. Intervention and Exchange Rates around Identified Episodes; B. Data Issues; 11. Actual Intervention data vs. International Reserves; 2. Effectiveness of Intervention; A. First Stage: Reaction Functions; 12. Coefficients of Intervention Reaction Functions; B. Second stage: Effects of Intervention; 13. Unveiling the Effect of FX Intervention-Results of Panel Approach under Different Specifications; 3. Factors Affecting the Effectiveness of Intervention; References
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Annex 3. FXI Rules in Practice: Some Latin American ExamplesAnnex 2. Instruments for Foreign Exchange Purchases; Annex 1. Foreign Exchange Intervention and International Reserves: Data Availability; V. Conclusions; IV. Results; III. The Effects of Foreign Exchange Intervention; II. The Extent and Modalities of Intervention; I. Introduction; Footnotes
,
English
Weitere Ausg.:
ISBN 1-4623-0121-5
Sprache:
Englisch
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