Effects of Foreign Exchange Intervention under Public Information: The Chilean Case

Tapia, Matias; Tokman, Andrea

doi:10.1353/eco.2004.0020

Cited by 35 publications

(34 citation statements)

References 18 publications

(16 reference statements)

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“…That is, it is actively intervening or providing information to the market that the exchange rate movements are unjustified by fundamentals. In fact, according to Tapia and Tokman (2004), the announcement itself produced the greatest effect on the exchange rate.…”

Section: Exchange Rate and Interventionsmentioning

confidence: 99%

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Flexible Exchange Rate with Inflation Targeting in Chile: Experience and Issues

Gregorio

Tokman²,

Valdés

2005

SSRN Journal

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. The views and interpretations in this document are those of the authors and should not be attributed to the Inter-American Development Bank, or to any individual acting on its behalf. Terms of use: Documents inThe Research Department (RES) produces a quarterly newsletter, IDEA (Ideas for Development in the Americas), as well as working papers and books on diverse economic issues. To obtain a complete list of RES publications, and read or download them please visit our web site at: http://www.iadb.org/res. 2 AbstractThe first five years of the flexible exchange rate and inflation targeting regime in Chile have shown positive results. Inflation is under control, the exchange rate has moved with the external conditions, monetary policy has been countercyclical and the cycle has apparently smoothened. Even though exchange rate volatility has increased, as expected with a flexible regime, this has also happened in other countries with similar characteristics. This increased volatility has lower extreme real exchange rate valuations than in the past, as is also seen in other countries with alternative exchange rate regimes. Important progress in derivatives market deepening, as well in a lower pass-through from the exchange rate to inflation, have contributed to increasing the credibility and feasibility of the current policy framework, while minimizing potential costs derived from that framework.3 4

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Section: Exchange Rate and Interventionsmentioning

confidence: 99%

“…This could be explained by the credibility gained during the first episode and/or by a more fundamental pressure in the first period than in the second. Tapia and Tokman (2004) report that when fundamentals are controlled for, the impact of the announcement appears stronger in the 2001 intervention period.…”

Section: Exchange Rate and Interventionsmentioning

confidence: 99%

Flexible Exchange Rate with Inflation Targeting in Chile: Experience and Issues

Gregorio

Tokman²,

Valdés

2005

SSRN Journal

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“…Calvo and Reinhart (2002) andEdwards and Savastano (2000).29 For a useful discussion on exchange-ate information within the context of Chile's experience seeTapia and Tokman (2004).…”

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confidence: 99%

Exchange-Rate Policies in Emerging Countries: Eleven Empirical Regularities From Latin America and East Asia

Edwards

2011

Open Econ Rev

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“…Canales-Kirjenko (2003), and the Bank for International Settlements (2005) provides an overview on foreign exchange intervention practices in emerging market economies. Domac and Mendoza (2004) and Guiamaraes and Karacadog (2004) study daily foreign exchange interventions for the cases of Turkey and Mexico, Disyatat and Galati (2005) look at the case of the Czech Republic, while Tapia and Tokman (2004) analyse intraday interventions data for Chile. BIS (2005) contains descriptive case studies for a large number of emerging economies and two transition economies, namely the Czech Republic and Hungary.…”

Section: Introductionmentioning

confidence: 99%