| Autor: |
Jorge Mario Uribe, Natalia Restrepo López |
| Jazyk: |
English<br />Spanish; Castilian |
| Rok vydání: |
2015 |
| Předmět: |
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| Zdroj: |
Ecos de Economía, Vol 19, Iss 41 (2015) |
| Druh dokumentu: |
article |
| ISSN: |
1657-4206 |
| Popis: |
We evaluate the effectiveness of the Colombian Central Bank´s interventions in the foreign exchange market during the period 2000 to 2014. We examine the stochastic process that describes the exchange rate, with a focus on the detection of structural breaks or unit roots in the data to determine whether the Central Bank´s interventions were effective. We find that the exchange rate can be described either by a random walk or by a trend-stationary model with multiple breaks. In neither cases do we find any evidence that the exchange rate was affected by the Central Bank interventions. |
| Databáze: |
Directory of Open Access Journals |
| Externí odkaz: |
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