Exchange intervention effect in Colombia: 2004-2006

Mauricio A. Hernández Monsalve; Ramón Javier Mesa Callejas

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dc.creator	Mauricio A. Hernández Monsalve
dc.creator	Ramón Javier Mesa Callejas
dc.date	2008
dc.date.accessioned	2022-03-17T15:41:00Z
dc.date.available	2022-03-17T15:41:00Z
dc.identifier	http://www.redalyc.org/articulo.oa?id=36414110
dc.identifier.uri	http://biblioteca-repositorio.clacso.edu.ar/handle/CLACSO/43562
dc.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 .
dc.format	application/pdf
dc.language	en
dc.publisher	Universidad Central de Venezuela
dc.relation	http://www.redalyc.org/revista.oa?id=364
dc.rights	Revista Venezolana de Análisis de Coyuntura
dc.source	Revista Venezolana de Análisis de Coyuntura (Venezuela) Num.1 Vol.XIV
dc.subject	Economía y Finanzas
dc.subject	Sterilized interventions
dc.subject	exchange regime
dc.subject	managed floating
dc.subject	exchange market
dc.subject	exchange rate
dc.subject	portfolio model
dc.title	Exchange intervention effect in Colombia: 2004-2006
dc.type	artículo científico