Description |
1 online resource (31 pages) : color illustrations |
Series |
IMF working paper ; WP/14/217 |
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IMF working paper ; WP/14/217.
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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." |
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"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
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Foreign exchange -- Peru
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Foreign exchange market -- Peru
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Capital movements
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Foreign exchange
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Foreign exchange market
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Peru
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Form |
Electronic book
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Author |
International Monetary Fund. Western Hemisphere Department, issuing body.
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ISBN |
9781498320399 |
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1498320392 |
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