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Contaduría y administración

versão impressa ISSN 0186-1042


CAPRARO RODRIGUEZ, Santiago  e  PERROTINI HERNANDEZ, Ignacio. Sterilized exchange rate market interventions, theory and evidence: the case of Mexico. Contad. Adm [online]. 2012, vol.57, n.2, pp. 11-44. ISSN 0186-1042.

The central Banks that apply a framework of monetary policy based on inflation targeting do not recognize that their foreign exchange market interventions represent a second monetary policy instrument used regularly with the aim of achieving monetary policy goals. The above on the grounds that under a flexible exchange rate regime foreign exchange market interventions are ineffective. The present paper looks into empirical evidence of the Banco de México’s foreign exchange market interventions. It is shown, on the basis of econometric results, that those interventions are effective indeed; hence the nominal exchange rate appears to play an instrumental role in the stabilization strategy of the monetary authority.

Palavras-chave : Interest Rate; Monetary Policy; Central Banking; Foreign Exchange.

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