Exchange intervention effect in Colombia: 2004-2006
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| Formato: | Artículo científico |
| Lenguaje: | en |
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Universidad Central de Venezuela
2008
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| _version_ | 1876469480609021952 |
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| author | Mauricio A. Hernández Monsalve |
| author_facet | Mauricio A. Hernández Monsalve |
| contents | Exchange intervention effect in Colombia: 2004-2006 Mauricio A. Hernández Monsalve Ramón Javier Mesa Callejas Economía y Finanzas exchange rate exchange regime portfolio model exchange market managed floating This article measures the effectiveness of the exchange interventions executed exerted by theColombian Central Bank between 2004-2006 from a relative measure for the size of such interventionsand its effects on the mean and variance of the nominal exchange rate in the country in suchperiod. The obtained results by means of a relative index of intervention, a GARCH estimation andan impulse-response function, indicate that such interventions had little and transitory effects in thelevel and variance of the exchange rate, presenting several day delays and being rapidly discountedby the market. Likewise, it is shown that such interventions, executed in a moment when astrong appreciation process of the Colombian peso happened, did not generate inflationary pressuresand could moderate, but not revert, the peso/dollar revaluation tendency . 2008 artículo científico 1315-3617 https://www.redalyc.org/articulo.oa?id=36414110 en http://www.redalyc.org/revista.oa?id=364 Revista Venezolana de Análisis de Coyuntura application/pdf Universidad Central de Venezuela Revista Venezolana de Análisis de Coyuntura (República Bolivariana de Venezuela) Num.1 Vol.XIV |
| format | Artículo científico |
| id | redalyc_36414110 |
| institution | Redalyc |
| language | en |
| publishDate | 2008 |
| publisher | Universidad Central de Venezuela |
| spellingShingle | Exchange intervention effect in Colombia: 2004-2006 Mauricio A. Hernández Monsalve Economía y Finanzas exchange rate exchange regime portfolio model exchange market managed floating Exchange intervention effect in Colombia: 2004-2006 Mauricio A. Hernández Monsalve Ramón Javier Mesa Callejas Economía y Finanzas exchange rate exchange regime portfolio model exchange market managed floating This article measures the effectiveness of the exchange interventions executed exerted by theColombian Central Bank between 2004-2006 from a relative measure for the size of such interventionsand its effects on the mean and variance of the nominal exchange rate in the country in suchperiod. The obtained results by means of a relative index of intervention, a GARCH estimation andan impulse-response function, indicate that such interventions had little and transitory effects in thelevel and variance of the exchange rate, presenting several day delays and being rapidly discountedby the market. Likewise, it is shown that such interventions, executed in a moment when astrong appreciation process of the Colombian peso happened, did not generate inflationary pressuresand could moderate, but not revert, the peso/dollar revaluation tendency . 2008 artículo científico 1315-3617 https://www.redalyc.org/articulo.oa?id=36414110 en http://www.redalyc.org/revista.oa?id=364 Revista Venezolana de Análisis de Coyuntura application/pdf Universidad Central de Venezuela Revista Venezolana de Análisis de Coyuntura (República Bolivariana de Venezuela) Num.1 Vol.XIV |
| title | Exchange intervention effect in Colombia: 2004-2006 |
| topic | Economía y Finanzas exchange rate exchange regime portfolio model exchange market managed floating |
| url | https://www.redalyc.org/articulo.oa?id=36414110 |