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Impacto de las Intervenciones Cambiarias sobre el Nivel y la Volatilidad de la Tasa de Cambio en Colombia
Echavarría, Juan José; Vásquez, Diego; Villamizar, … - BANCO DE LA REPÚBLICA - 2009
Este trabajo evalúa los determinantes de las compras de divisas y su impacto sobre la tasa de cambio nominal en Colombia durante 2000-2008. Estimaciones Tobit muestran que el Banco Central compró divisas para compensar las reevaluaciones frente al día anterior y para corregir tendencias...
Persistent link: https://www.econbiz.de/10005000403
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Transparency: can central banks commit to truthful communication?
Parra-Polania, Julian A. - BANCO DE LA REPÚBLICA - 2012
To evaluate whether transparency is beneficial, it is usual to assume that the central bank may choose one of two … inflation announcements. Therefore, even if transparency is preferred over secrecy the central bank cannot credibly commit to … truth-telling, in contrast to what is commonly assumed in the literature on transparency …
Persistent link: https://www.econbiz.de/10010763688
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PENSION FUND MANAGERS BEHAVIOR IN THE FOREIGN EXCHANGE MARKET
Hernando Vargas H.; Betancourt, Rocío - BANCO DE LA REPÚBLICA - 2006
The effects of the Pension Fund Managers (PFMs) behavior on the foreign exchange market may be important, given the increasing size of their portfolio and their possible market power. Some authors argue that when big investors like PFMs trade large volumes in the foreign exchange market, they...
Persistent link: https://www.econbiz.de/10005597690
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Are Capital Controls and Central Bank Intervention Effective?
Rincón, Hernán; Toro, Jorge - BANCO DE LA REPÚBLICA - 2010
Capital controls and intervention in the foreign exchange market are two controversial policy options that many countries have adopted in the past in order to influence the exchange rate and moderate capital flows. Colombia has a long record in the use of these policies with mixed results and...
Persistent link: https://www.econbiz.de/10008680641
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Identifying the Effects of Simultaneous Monetary Policy Shocks. Fear of Floating under Inflation targeting
Villamizar, Mauricio - BANCO DE LA REPÚBLICA - 2014
Many central banks, particularly in the developing world, aim for exchange rate stability as a macroeconomic goal. However, most are reluctant to relinquish monetary policy autonomy, so they end up operating through both interest rate and foreign exchange interventions. But the use of multiple...
Persistent link: https://www.econbiz.de/10010884960
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The effects of intraday foreign exchange market operations in Latin America: results for Chile, Colombia, Mexico and Peru
Fuentes, Miguel; Pincheira, Pablo; Julio, Juan Manuel; … - BANCO DE LA REPÚBLICA - 2014
This paper analyses the effects of sterilised, intraday foreign exchange market operations (non-discretionary and discretionary) on foreign exchange returns and volatility in four inflation targeting economies in Latin America. The distribution of exchange rates during intervention and...
Persistent link: https://www.econbiz.de/10010946011
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Composición cambiaria y poder adquisitivo de las reservas internacionales
Restrepo, Javier Gómez; Herrera, Juan Manuel Hernández - BANCO DE LA REPÚBLICA - 2011
Uno de los principales motivos para acumular reservas internacionales es cubrir los egresos de la balanza de pagos ante una potencial escasez de divisas. Centrándose en el cubrimiento de los egresos por importaciones, se determina la composición cambiaria que mejor preserva el poder...
Persistent link: https://www.econbiz.de/10009018094
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Monetary Policy and the Exchange Rate in Colombia
Herrera, Hernando Vargas - BANCO DE LA REPÚBLICA - 2011
The role of the exchange rate and the exchange rate regime in the monetary policy decision-making process in Colombia is described. The rationale for the intervention of the Central Bank in the FX market is explained and the experience in this regard is reviewed. Special attention is given to...
Persistent link: https://www.econbiz.de/10009021357
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Determinants of the Exchange Rate in Colombia under Inflation Targeting
Estrada, Fredy Alejandro Gamboa - BANCO DE LA REPÚBLICA - 2011
This research studies the forecasting performance of conventional and more recent exchange rate models in Colombia. The purpose is to explain which have been the main exchange rate determinants under an Inflation Targeting regime and a completely floating exchange rate scheme. Compared to...
Persistent link: https://www.econbiz.de/10008799758
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The Impact of Pre-announced Day-to-day Interventions on the Colombian Exchange Rate
Echavarría, Juan José; Velandia, Luis Fernando Melo; … - BANCO DE LA REPÚBLICA - 2013
The adoption of a managed regime assumes that interventions are relatively successful. However, while some authors consider that foreign exchange interventions are ineffective, arguing that domestic and foreign assets are close substitutes, others advocate their use and maintain that their...
Persistent link: https://www.econbiz.de/10010828154