About this conference
On 29-30 November 2012 the BIS will hold a conference on "The Effects of Foreign Exchange Market Operations in Latin America" (conference agenda). This conference is the culmination of a research project between five Latin American central banks facilitated by the BIS Consultative Council of the Americas (CCA) research network. It will bring together researchers from the central banking community and distinguished academics and will be hosted by the Bank of the Republic (Colombia) in Cartagena de Indias.
The objective of this research network project is to produce policy-relevant research and fresh insights on foreign market operations in Latin America using data and techniques that would be difficult to reproduce outside the central banking community. Researchers from five Latin America central banks are participating in this project (Brazil, Colombia, Chile, Mexico and Peru). Professor Kathryn Dominguez (University of Michigan) served as a research adviser. The project was coordinated by Ramon Moreno (BIS), with the assistance of Carlos Montoro (BIS).
Chair: Stephen G Cecchetti
- What role do you see for foreign exchange intervention and foreign exchange reserve accumulation in the pursuit of macroeconomic and financial stability objectives?
- Is there a potential conflict between traditional monetary policy objectives and the goals of foreign exchange market operations/intervention?
- How do you view the quasi-fiscal costs of foreign exchange intervention?
- What are the challenges and risks of foreign exchange market operations/intervention for the conduct of monetary policy operations?
(Note: The time allocated for this session is 90 minutes. Lead off presentations for each of the three rounds of discussion will be 10 minutes each.)
For inquiries regarding the organisation of the conference please contact Carlos Montoro (Carlos.Montoro@bis.org) or Ramon Moreno (Ramon.Moreno@bis.org).
Day 1 - 29 November
Juan José Echavarría, Member of the Board, Bank of the Republic (Colombia)
Presenters: Kathryn Dominguez and Ramon Moreno | Overview
Chair: Fernando Tenjo, Bank of the Republic (Colombia)
| The effects of intraday FY market operations in Latin America: Results for Chile, Colombia, Mexico and Peru | Presenter: Kathryn Dominguez and Juan Manuel Julio | Presentation, results Discussant: Rasmus Fatum (University of Alberta) | Presentation |
| Order Flow and the Real: Indirect Evidence of the Effectiveness of Sterilized Interventions | Emanuel Kohlscheen (Central Bank of Brazil) | Presentation Discussant: Eric Girardin (GREQAM - Université de la Méditerranée) | Presentation |
Chair: José Luis Escrivá, BIS
| The impact of different forms of FX intervention | Juan José Echavarría, Luis Fernando Melo, Santiago Téllez and Mauricio Villamizar (Bank of the Republic) | Presentation Discussant: Andreas Fischer (Swiss National Bank) | Presentation |
| Chilean Exchange Rate Interventions and Inflation Expectations | Pablo Pincheira (Central Bank of Chile) | Presentation Discussant: Emanuel Kohlscheen (Central Bank of Brazil) | Presentation |
Day 2 - 30 November
Chair: Julio Santaella, Banco de México
| On Central Bank Interventions in the Mexican Peso-Dollar Exchange Rate Market | Santiago García-Verdú and Miguel Zerecero Antón (Bank of Mexico) | Presentation Discussant: Alain Chaboud (Board of Governors of the Federal Reserve System) | Presentation |
| The effects of forex intervention using intraday data: evidence from Peru | Marylin Choy, Erick Lahura and Marco Vega (Central Reserve Bank of Peru) | Presentation Discussant: Paolo Vitale (G. D'Annunzio University) | Presentation |
Chair: Stephen G Cecchetti, BIS
| Special Session: Policy and operational issues raised by FX intervention | Julio Santaella (Bank of Mexico) | Presentation Juan José Echavarría (Bank of the Republic - Colombia) Andreas Fischer (Swiss National Bank) |