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Book Cover
E-book
Author Tashu, Melesse, author.

Title Motives and effectiveness of forex interventions : evidence from Peru / prepared by Melesse Tashu
Published [Washington, D.C.] : International Monetary Fund, ©2014

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Description 1 online resource (31 pages) : color illustrations
Series IMF working paper ; WP/14/217
IMF working paper ; WP/14/217.
Contents Cover; Contents; I. Introduction; II. Capital Flows and FX Interventions; III. Methodology; A. Literature Review; B. Method of the Study; IV. Data and Estimation Results; A. Data Sources; B. Descriptive Analysis; C. Estimation results; V. Concluding Remarks; Annex I. Single Equation Regression of the Central Bank's Reaction Function; Annex II. The Exchange Rate Target Estimated By Six Months Moving Average Exchange Rate; Annex III. The Exchange Rate Target Estimated By One Year Average Rolling HP Filtered Exchange Rate
Summary This paper assesses empirically the motives and effectiveness of forex interventions in Peru. While the central bank of Peru states that its forex interventions aim only at containing excessive exchange rate volatility, the results of this paper show that, in practice, the interventions seem to have aimed at "leaning against the wind" as well. The results also show that forex sales, but not forex purchases, react to volatility, indicating asymmetry in the central bank's reactions to episodes of appreciation and depreciation pressures. Similarly, the paper documents evidence of asymmetry in the effectiveness of forex interventions.--Abstract
Notes "December 2014."
"Western Hemisphere Department."
Bibliography Includes bibliographical references (pages 29-30)
Notes Online resource; title from pdf title page (IMF.org Web site, viewed December 17, 2014)
Subject Capital movements -- Peru
Foreign exchange -- Peru
Foreign exchange market -- Peru
Capital movements
Foreign exchange
Foreign exchange market
Peru
Form Electronic book
Author International Monetary Fund. Western Hemisphere Department, issuing body.
ISBN 9781498320399
1498320392