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01797cas a2200253 a 4500 |
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|z 9781475571035
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|a 1018-5941
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|a Nedeljkovic, Milan.
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|a The Relative Effectiveness of Spot and Derivatives Based Intervention :
|b The Case of Brazil /
|c Milan Nedeljkovic, Christian Saborowski.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2017.
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|a 1 online resource (35 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a This paper studies the relative effectiveness of foreign exchange intervention in spot and derivatives markets. We make use of Brazilian data where spot and non-deliverable futures based intervention have been used in tandem for more than a decade. The analysis finds evidence in favor of a significant link between both modes of intervention and the first two moments of the real/dollar exchange rate. As predicted by theory for the case of negligible convertibility risk, the impact of spot market intervention in our baseline sample is strikingly similar to that achieved through futures based intervention worth an equivalent amount in notional principal.
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|a Mode of access: Internet
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|a Saborowski, Christian.
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|a IMF Working Papers; Working Paper ;
|v No. 2017/011
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2017/011/001.2017.issue-011-en.xml
|z IMF e-Library
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