Intervención cambiaria en Guatemala: ¿Ha sido efectiva?

Foreign Exchange Market Intervention in Guatemala: Has it been Effective?

Carlos Castillo-Maldonado

MPRA Paper from University Library of Munich, Germany

Abstract: Purchase and sale-oriented exchange rate intervention effectiveness carried on by the Central Bank of Guatemala is analyzed through an ACT-GARCH model. By using daily information for the period 1996-2008 it is found that purchase-oriented intervention tends to reduce exchange rate long run volatility, while sale oriented intervention tends to increase it. Nevertheless, both types of exchange rate intervention affected the quetzal/dollar level. Therefore, exchange rate intervention was effective when it was addressed to produce exchange rate trend effects, but it lacked effectiveness when the Central Bank of Guatemala limited intervention to moderate exchange rate volatility.

Keywords: intervencion cambiaria de compra; intervención cambiaria de venta; intervención efectiva; tipo de cambio y volatilidad cambiaria. (search for similar items in EconPapers)
JEL-codes: E52 E58 F31 F41 G14 G15 (search for similar items in EconPapers)
Date: 2008-06
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:79038

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