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Tracking the Exchange Rate Management in Latin America

Cesar Carrera ()

No 2014-020, Working Papers from Banco Central de Reserva del Perú

Abstract: The exchange rate is one of the most important prices in any open economy. Tracking deviations from its long-run value may provide important information for policymakers. One way to track such deviations is to compute the distribution of exchange-rate observed values and compare them with those of Benford’s law. I document such cases for 15 Latin American countries, for the two most widely traded currencies. Latin American countries are small open economies that are characterized for having different degrees of dollarization and intervention in the forex market. This is an alternative view of how these characteristics play a role with respect to an implied equilibrium exchange rate.

Keywords: Exchange rate; Forex; Benford’s law (search for similar items in EconPapers)
JEL-codes: C16 F31 F41 (search for similar items in EconPapers)
Date: 2014-12
New Economics Papers: this item is included in nep-lam and nep-opm
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Journal Article: Tracking exchange rate management in Latin America (2015) Downloads
Working Paper: Tracking the Exchange Rate Management in Latin America (2015) Downloads
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