The Effects of Foreign Exchange Market Operations in Latin America

(last update 3 April 2013)

Thursday, 29 November 2012
14:00-14:20 Welcome remarks
Juan José Echavarría, Member of the Board, Bank of the Republic (Colombia)
14:20-14:50  Overview
Presenters: Kathryn Dominguez and Ramon Moreno (Overview)
14:50-16:30 Session I
Chair: Fernando Tenjo, Bank of the Republic (Colombia) 
  1. "The effects of intraday FY market operations in Latin America: Results for Chile, Colombia, Mexico and Peru" (Joint paper)
Presenter: Kathryn Dominguez and Juan Manuel Julio (Presentation) (Results)
  Discussant: Rasmus Fatum (University of Alberta) (Presentation)
  2. "Order Flow and the Real: Indirect Evidence of the Effectiveness of Sterilized Interventions"
by Emanuel Kohlscheen (Central Bank of Brazil) (Paper) (Presentation)
  Discussant: Eric Girardin (GREQAM - Université de la Méditerranée) (Presentation)
16:50-18:30 Session II 
Chair: José Luis Escrivá, BIS
  3. "The impact of different forms of FX intervention"
by Juan José Echavarría, Luis Fernando Melo, Santiago Téllez and Mauricio Villamizar (Bank of the Republic) (Paper) (Presentation)
  Discussant: Andreas Fischer (Swiss National Bank) (Presentation)
  4. "Chilean Exchange Rate Interventions and Inflation Expectations"
by Pablo Pincheira (Central Bank of Chile) (Paper) (Presentation)
  Discussant: Emanuel Kohlscheen (Central Bank of Brazil) (Presentation)
Friday, 30 November 2012
9:00-10:40 Session III
Chair: Julio Santaella, Banco de México
  5. "On Central Bank Interventions in the Mexican Peso-Dollar Exchange Rate Market"
by Santiago García-Verdú and Miguel Zerecero Antón (Bank of Mexico) (Paper) (Presentation)
  Discussant: Alain Chaboud (Board of Governors of the Federal Reserve System) (Presentation)
  6. "The effects of forex intervention using intraday data: evidence from Peru"
by Marylin Choy, Erick Lahura and Marco Vega (Central Reserve Bank of Peru) (Paper) (Presentation)
Discussant: Paolo Vitale (G. D'Annunzio University) (Presentation)
11:00-12:30 Session IV
Chair: Stephen G Cecchetti, BIS
  7. Special Session: Policy and operational issues raised by FX intervention
by Julio Santaella (Bank of Mexico) (Presentation), Juan José Echavarría (Bank of the Republic - Colombia), Andreas Fischer (Swiss National Bank)