Intervención cambiaria en Guatemala: ¿Ha sido efectiva?

Castillo-Maldonado, Carlos Eduardo (2008): Intervención cambiaria en Guatemala: ¿Ha sido efectiva?

Abstract

Purchase and sale-oriented exchange rate intervention effectiveness carried on by the Central Bank of Guatemala is analyzed through an ACT-GARCH model. By using daily information for the period 1996-2008 it is found that purchase-oriented intervention tends to reduce exchange rate long run volatility, while sale oriented intervention tends to increase it. Nevertheless, both types of exchange rate intervention affected the quetzal/dollar level. Therefore, exchange rate intervention was effective when it was addressed to produce exchange rate trend effects, but it lacked effectiveness when the Central Bank of Guatemala limited intervention to moderate exchange rate volatility.

• Item Type: MPRA Paper
• English Title: Foreign Exchange Market Intervention in Guatemala: Has it been Effective?
• Language: Spanish
• Keywords: intervencion cambiaria de compra, intervención cambiaria de venta, intervención efectiva, tipo de cambio y volatilidad cambiaria.
• Subjects: E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit > E52 - Monetary Policy; E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit > E58 - Central Banks and Their Policies; F - International Economics > F3 - International Finance > F31 - Foreign Exchange; F - International Economics > F4 - Macroeconomic Aspects of International Trade and Finance > F41 - Open Economy Macroeconomics; G - Financial Economics > G1 - General Financial Markets > G14 - Information and Market Efficiency ; Event Studies ; Insider Trading; G - Financial Economics > G1 - General Financial Markets > G15 - International Financial Markets

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