Borradores de Economia
Número:
767
Publicado:
Clasificación JEL:
E52, E58, F31
Palabras clave:
Central bank intervention, reaction function, Tobit-GARCH, foreign exchange intervention mechanisms
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Rocío Clara Alexandra Mora-Quiñones, Antonio José Orozco-Gallo, Dora Alicia Mora-Pérez
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Leonardo Fabio Morales, Leonardo Bonilla-Mejía, Didier Hermida-Giraldo, Francisco Javier Lasso-Valderrama, José Pulido
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 advocat