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Announcements are not enough : foreign exchange intervention under imperfect credibility

José Eduardo
Gómez-González
Julián Andrés
Parra-Polanía
Mauricio
Villamizar-Villegas
Jueves, 7 Julio 2016

Central banks in emerging countries frequently build-up (diminish) reserves while attempting to depreciate (appreciate) their domestic currencies. Even if these interventions are e¤ective, they often entail various costs. Basu (2012), nonetheless, propose