<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>2448-718X</journal-id>
<journal-title><![CDATA[El trimestre económico]]></journal-title>
<abbrev-journal-title><![CDATA[El trimestre econ]]></abbrev-journal-title>
<issn>2448-718X</issn>
<publisher>
<publisher-name><![CDATA[Fondo de Cultura Económica]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2448-718X2010000300557</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Efectividad de la intervención cambiaria en Guatemala]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Castillo Maldonado]]></surname>
<given-names><![CDATA[Carlos Eduardo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Banco de Guatemala departamento de Estudios Económicos ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Guatemala</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>09</month>
<year>2010</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>09</month>
<year>2010</year>
</pub-date>
<volume>77</volume>
<numero>307</numero>
<fpage>557</fpage>
<lpage>583</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-718X2010000300557&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-718X2010000300557&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-718X2010000300557&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: La efectividad de las intervenciones cambiarias de compra y de venta de dólares del Banco de Guatemala se analiza en el contexto de un modelo ACT-GARCH. Con información diaria para el periodo 1996-2008, se concluye que solamente las intervenciones de compra produjeron una disminución de la volatilidad de largo plazo del tipo de cambio quetzal/dólar, pero que ambos tipos de intervención afectaron el quetzal. En relación con los objetivos establecidos por el banco central, la intervención cambiaria fue efectiva cuando se orientó a moderar el tipo de cambio, pero careció de efectividad cuando ésta se limitó a moderar la volatilidad cambiaria sin afectar su nivel.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: Purchase and sale oriented exchange rate intervention effectiveness carried on by the Central Bank of Guatemal a is analyzed through an ACT-GARCH model. By using daily information for the period 1996-2008, it is found that purchase-oriented intervention tends to reduce the exchange rate long run volatility, while sale-oriented intervention tends to increase it. Nevertheless, both types of exchange rate intervention affected the quetzal/dollar level. Therefore, exchange rate intervention was effective when it was addressed to produce exchange rate level effects, but it lacked effectiveness when the Central Bank of Guatemala limited intervention to moderate exchange rate volatility.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[intervención cambiaria de compra]]></kwd>
<kwd lng="es"><![CDATA[intervención cambiaria de venta]]></kwd>
<kwd lng="es"><![CDATA[intervención efectiva]]></kwd>
<kwd lng="es"><![CDATA[tipo de cambio y volatilidad cambiaria]]></kwd>
</kwd-group>
</article-meta>
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