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150128 ||| eng |
| 020 |
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|a 9781475563580
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| 245 |
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|a Peru
|b Selected Issues Paper
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2014
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| 300 |
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|a 69 pages
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| 651 |
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4 |
|a Peru
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| 653 |
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|a Finance
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| 653 |
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|a Natural resources
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| 653 |
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|a Environment
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| 653 |
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|a Fiscal Policy
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| 653 |
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|a Fiscal governance
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| 653 |
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|a Agricultural and Natural Resource Economics
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| 653 |
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|a Production
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| 653 |
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|a Balance of payments
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| 653 |
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|a Long-term Capital Movements
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| 653 |
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|a Natural Resources
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| 653 |
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|a Currency
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| 653 |
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|a Exports and Imports
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| 653 |
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|a Environmental management
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| 653 |
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|a Fiscal policy
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| 653 |
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|a International economics
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| 653 |
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|a Macroeconomics: Production
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| 653 |
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|a Foreign Exchange
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| 653 |
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|a Capital flows
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Environmental and Ecological Economics: General
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| 653 |
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|a Capital movements
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| 653 |
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|a Economic theory
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| 653 |
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|a Exchange rates
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| 653 |
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|a Foreign exchange
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| 653 |
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|a International Investment
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| 653 |
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|a Production and Operations Management
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| 710 |
2 |
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|a International Monetary Fund
|b Western Hemisphere Dept
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| 041 |
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|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
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|a IMF Staff Country Reports
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| 028 |
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|a 10.5089/9781475563580.002
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| 856 |
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|u https://elibrary.imf.org/view/journals/002/2014/022/002.2014.issue-022-en.xml?cid=41287-com-dsp-marc
|x Verlag
|3 Volltext
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|a 330
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| 520 |
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|a This Selected Issues paper assesses empirically the motives and effectiveness of foreign exchange (FX) interventions in Peru. The results of the study indicate asymmetries both in the Central Reserve Bank of Peru’s reaction function and in the effectiveness of FX interventions. Probit estimates of the likelihood of FX purchases and sales, in the first stage of the regression, show that both forms of intervention are targeted at leaning against the wind; that is, resisting appreciation in the former case and resisting depreciation in the latter. But only FX sales, not FX purchases, react to volatility. Similarly, instrumental variable regression results show evidence of asymmetry in the effectiveness of FX interventions
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