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Foreign exchange intervention and central bank independence: The Latin American experience

Nunes, Mauricio and Da Silva, Sergio (2007): Foreign exchange intervention and central bank independence: The Latin American experience.

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Abstract

Employing data from 13 Latin American countries, we find that greater central bank independence is associated with lesser intervention in the foreign exchange market, and also with leaning-against-the-wind intervention. We also find that the structural reforms that occurred in Latin America mostly in the 1990s helped to reduce the need for foreign exchange intervention.

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