Citas bibligráficas
Mendoza, L., (2017). Intervenciones cambiarias esterilizadas, presiones apreciatorias y metas explícitas de inflación : evidencia para Perú entre 2006 y 2008 [Pontificia Universidad Católica del Perú]. http://hdl.handle.net/20.500.12404/9155
Mendoza, L., Intervenciones cambiarias esterilizadas, presiones apreciatorias y metas explícitas de inflación : evidencia para Perú entre 2006 y 2008 []. PE: Pontificia Universidad Católica del Perú; 2017. http://hdl.handle.net/20.500.12404/9155
@misc{sunedu/2659401,
title = "Intervenciones cambiarias esterilizadas, presiones apreciatorias y metas explícitas de inflación : evidencia para Perú entre 2006 y 2008",
author = "Mendoza Perez, Liu Anibal",
publisher = "Pontificia Universidad Católica del Perú",
year = "2017"
}
This thesis evaluates the effectiveness of sterilized FX interventions conducted by the Central Bank of Peru (CBP) between 2006 and 2008. In contrast with previous documents based on the usual instrumental variables method, we take advantage of the institutional framework for FX interventions decisions of the CBP and the few intra-daily data publicly available to face the inherent simultaneity problem. The evolution of the parameters of interest is also analyzed using recursive estimations. This paper finds that during this appreciatory period, FX interventions have had an effect on the returns of the exchange rate, with weaker evidence on its volatility. Moreover, the results are consistent with the idea that strong exchange rate pressures did not reduce the effectiveness to affect the exchange rate returns, but they did reduce the effectiveness to hit the volatility of these returns.
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