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Foreign Exchange Intervention in Inflation Targeters in Latin America
Foreign exchange intervention is widely used as a policy tool, particularly in emerging markets, but many facets of this tool remain limited, especially in the context of flexible exchange rate regimes. The Latin American experience can be informative because some of its largest countries adopted floating exchange rate regimes and inflation targeting while continuing to intervene in foreign exchange markets. This edited volume reviews detailed accounts from several Latin American countries’ central banks, and it provides insight into how and with what aim many interventions were decided and implemented. This book documents the effectiveness of intervention and pays special attention to the...
Effects of Macroprudential Policy: Evidence from Over 6,000 Estimates
This paper builds a novel database on the effects of macroprudential policy drawing from 58 empirical studies, comprising over 6,000 results on a wide range of instruments and outcome variables. It encompasses information on statistical significance, standardized magnitudes, and other characteristics of the estimates. Using meta-analysis techniques, the paper estimates average effects to find i) statistically significant effects on credit, but with considerable heterogeneity across instruments; ii) weaker and more imprecise effects on house prices; iii) quantitatively stronger effects in emerging markets and among studies using micro-level data; and iii) statistically significant evidence of leakages and spillovers. Other findings include relatively stronger impacts for tightening than loosening actions and negative effects on economic activity in the near term.
Uncovering CIP Deviations in Emerging Markets: Distinctions, Determinants and Disconnect
We provide a systematic empirical treatment of short-term Covered Interest Parity (CIP) deviations for a large set of emerging market (EM) currencies. EM CIP deviations have much larger volatilities than most G10 currencies and move in an opposite direction during global risk-off episodes. While off-shore EM CIP deviations are sensitive to changes in FX dealers’ risk-bearing capacities and global risk aversion, on-shore EM CIP deviations are largely unresponsive in segmented FX markets. Moreover, the sensitivity of offshore EM CIP deviations to global risk factors for currencies with segmented FX markets is stronger compared to their counterparts with integrated FX markets. We find weak evidence of country default risk affecting EM CIP deviations after accounting for global factors.
Perfil dos grupos estratégicos bancários no Brasil
(continuação) Dois deles, os segmentos de intermediação bancária e transição ou repasses, foram caracterizados como "intermediação da intermediação". Grupos com menor foco na intermediação financeira completa, entre credores e devedores primários, realizada pelos três segmentos anteriores. Levanta-se a hipótese de que o grupo de transição ou repasse representa os novos entrantes do mercado ou bancos com dificuldade de adaptação ao sistema bancário. o fato de mais de 30% dos bancos terem essas características de intermediação da atividade de crédito, ou estarem em busca de novos nichos de atuação sugere que o processo de reestruturação do sistema bancário iniciado em 1994 ainda não está concluído.
