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

Mauricio Nunes and Sergio Da Silva

Applied Financial Economics Letters, 2008, vol. 4, issue 5, 379-382

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.

Date: 2008
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DOI: 10.1080/17446540701735996

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