Foreign exchange intervention and central bank independence: The Latin American experience

Mauricio Nunes and Sergio Da Silva

MPRA Paper from University Library of Munich, Germany

Abstract: Employing data from 13 Latin American countries, we find that greater central bank independence is associated with lesser intervention in the foreign exchange market, and also with leaning-against-the-wind intervention. We also find that the structural reforms that occurred in Latin America mostly in the 1990s helped to reduce the need for foreign exchange intervention.

Keywords: central bank independence; foreign exchange intervention; Latin America (search for similar items in EconPapers)
JEL-codes: F31 F41 (search for similar items in EconPapers)
Date: 2007-09-29
New Economics Papers: this item is included in nep-cba, nep-ifn and nep-mon
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Journal Article: Foreign exchange intervention and central bank independence: the Latin American experience (2008)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:5073

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