The effects of foreign exchange market operations in Latin America (2012-14)

The research network focused on studying the behaviour of foreign exchange markets and the characteristics and effects of foreign exchange market operations at a relatively high (daily or higher) frequency, using traditional analyses of foreign exchange market intervention and fundamentals as well as the so-called microstructure approach. The research network relied on the unique central bank expertise regarding the operation of the foreign exchange markets, which was enhanced through research collaboration. Research papers made use of high-frequency data sets of central bank transactions in FX markets. Professor Kathryn Dominguez acted as academic adviser to the network.


The effects of foreign exchange market operations in Latin America, Cartagena, 29-30 November 2012


The effects of intraday foreign exchange market operations in Latin America: results for Chile, Colombia, Mexico and Peru by M Fuentes, P Pincheira, J M Julio, H Rincón, S García-Verdú, M Zerecero, M Vega, E Lahura and R Moreno

Asymmetric effects of FOREX intervention using intraday data: evidence from Peru by E Lahura and M Vega

On central bank interventions in the Mexican peso/dollar foreign exchange market by S García-Verdú and M Zerecero

The impact of pre-announced day-to-day interventions on the Colombian exchange rate by J J Echavarría, L F Melo, S Téllez and M Villamizar

Interventions and inflation expectations in an inflation targeting economy by P Pincheira

Order flow and the real: indirect evidence of the effectiveness of sterilized interventions by E Kohlscheen