Un Análisis de la Efectividad de las Intervenciones Cambiarias en el Perú

Beyond their role as international reserve accumulation operations, official exchange market interventions are becoming less frequent as macroeconomic policy tools. In the Peruvian case, however, the economic authorities have actively carried out this type of intervention over recent years. This article explores the effectiveness of the exchange interventions of the Central Reserve Bank of Peru (BCRP) in the spot exchange market during the period 2003-2015 using event studies and threshold modls. The evidence suggests that BCRP interventions were effective in smoothing the volatility of the exchange rate and generating movements opposite to its trend in periods of extreme volatility in the exchange market.