Resumen

MANTEY DE ANGUIANO, Guadalupe. Sterilized foreign exchange market intervention within an inflation targeting regime: the case of Mexico. Inv. Econ [online]. 2009, vol.68, n.spe, pp.47-78. ISSN 0185-1667.

This paper looks into the causes of emerging countries fear of floating, and draws attention to the inconsistency of this behavior with the foundations of the inflation targeting model. It presents an alternative theoretical framework for monetary policy, wherein sterilized intervention in the foreign exchange market is a policy tool independent from the interest rate. Finally, the author estimates a model to assess the degree of sterilized intervention in Mexico's foreign exchange market, and discusses its consequences for economic stability.

Palabras llave : inflation; exchange rate; monetary policy; sterilized intervention.

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