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Latin American foreign exchange intervention - Updated

Da Silva, Sergio and Nunes, Mauricio (2007): Latin American foreign exchange intervention - Updated.

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Abstract

We examine Latin American foreign exchange intervention in a framework where the exchange rate regime is endogenous and there exists an inefficient, equilibrium foreign exchange intervention bias. The model suggests that greater central bank independence is associated with lesser intervention in the foreign exchange market, and also with leaning-against-the-wind intervention. Both results are confirmed by data from 13 Latin American countries.

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