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Book Cover
Author Adler, Gustavo, 1974- author

Title Foreign exchange intervention : a shield against appreciation? / Gustavo Adler and Camilo E. Tovar
Published [Washington, D.C.] : International Monetary Fund, [2011]
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Description 1 online resource (30 pages) : illustrations
Series IMF working paper ; WP/11/165
IMF working paper ; WP/11/165
Summary 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
Notes "July, 2011."
At head of title: Western Hemisphere Department
Title from PDF title page (IMF Web site, viewed September 7, 2011)
Bibliography Includes bibliographical references
Subject Foreign exchange administration -- Latin America.
Foreign exchange rates -- Latin America.
Form Electronic book
Author Tovar Mora, Camilo Ernesto, author
International Monetary Fund. Western Hemisphere Department, issuing body
ISBN 1462301215