Foreign exchange intervention effectiveness: a regression discontinuity design

Este articulo examina la efectividad de la intervención cambiaria esterilizada en generar variaciones en la tasa de cambio en la dirección esperada, así como, en disminuir su volatilidad. Adicionalmente, se cuantifica en que grado los efectos del anuncio de la intervención cambiaria difieren de la i...

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Fecha de publicación:: 2022

Institución:: Universidad del Rosario

Repositorio:: Repositorio EdocUR - U. Rosario

Idioma:: eng

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network_acronym_str	EDOCUR2
network_name_str	Repositorio EdocUR - U. Rosario
repository_id_str
dc.title.es.fl_str_mv	Foreign exchange intervention effectiveness: a regression discontinuity design
title	Foreign exchange intervention effectiveness: a regression discontinuity design
spellingShingle	Foreign exchange intervention effectiveness: a regression discontinuity design Efectividad de la intervención cambiaria Diseño de Regresión Discontinua Fuzzy RDD Sharp RDD Tasa de cambio Economía Foreign exchange intervention effectiveness Regression Discontinuity Design Fuzzy RDD Sharp RDD Exchange rate
title_short	Foreign exchange intervention effectiveness: a regression discontinuity design
title_full	Foreign exchange intervention effectiveness: a regression discontinuity design
title_fullStr	Foreign exchange intervention effectiveness: a regression discontinuity design
title_full_unstemmed	Foreign exchange intervention effectiveness: a regression discontinuity design
title_sort	Foreign exchange intervention effectiveness: a regression discontinuity design
dc.contributor.advisor.none.fl_str_mv	Villamizar Villegas, Mauricio
dc.subject.es.fl_str_mv	Efectividad de la intervención cambiaria Diseño de Regresión Discontinua Fuzzy RDD Sharp RDD Tasa de cambio
topic	Efectividad de la intervención cambiaria Diseño de Regresión Discontinua Fuzzy RDD Sharp RDD Tasa de cambio Economía Foreign exchange intervention effectiveness Regression Discontinuity Design Fuzzy RDD Sharp RDD Exchange rate
dc.subject.ddc.es.fl_str_mv	Economía
dc.subject.keyword.es.fl_str_mv	Foreign exchange intervention effectiveness Regression Discontinuity Design Fuzzy RDD Sharp RDD Exchange rate
description	Este articulo examina la efectividad de la intervención cambiaria esterilizada en generar variaciones en la tasa de cambio en la dirección esperada, así como, en disminuir su volatilidad. Adicionalmente, se cuantifica en que grado los efectos del anuncio de la intervención cambiaria difieren de la intervención como tal. Para tal fin, se emplean diseños de regresión discontinua fuzzy y sharp que toman ventaja de variación exógena de una regla de intervención utilizada por el Banco de la República (Banco Central de Colombia). Específicamente, se comparan episodios en los cuales la regla justo no se activó con episodios donde la regla apenas se activó, conllevando a la compra y venta de dólares. Por un lado, nuestros hallazgos sugieren que la compra de 60 millones de dólares generan una depreciación del 1% en la tasa de cambio y una reducción de la volatilidad de 1.2 pp, y estos efectos perduran hasta 20 días. En contraste, el anuncio de compras tiene menores efectos, los cuales desaparecen rápidamente. Por otro lado, la venta de dólares por parte del Banco de la República evidencian un efecto menos consistente, indicando que solo el anuncio de la intervención es efectivo. Además, la apreciación del peso y la reducción de la volatilidad de la tasa de cambio aparece varios días después del anuncio de la intervención.
publishDate	2022
dc.date.accessioned.none.fl_str_mv	2022-08-19T15:58:17Z
dc.date.available.none.fl_str_mv	2022-08-19T15:58:17Z
dc.date.created.none.fl_str_mv	2022-06-22
dc.date.embargoEnd.none.fl_str_mv	info:eu-repo/date/embargoEnd/2024-12-13
dc.type.es.fl_str_mv	bachelorThesis
dc.type.coar.fl_str_mv	http://purl.org/coar/resource_type/c_7a1f
dc.type.document.es.fl_str_mv	Artículo
dc.type.spa.es.fl_str_mv	Trabajo de grado
dc.identifier.doi.none.fl_str_mv	https://doi.org/10.48713/10336_34731
dc.identifier.uri.none.fl_str_mv	https://repository.urosario.edu.co/handle/10336/34731
url	https://doi.org/10.48713/10336_34731 https://repository.urosario.edu.co/handle/10336/34731
dc.language.iso.es.fl_str_mv	eng
language	eng
dc.rights.*.fl_str_mv	Atribución-NoComercial-CompartirIgual 2.5 Colombia
dc.rights.coar.fl_str_mv	http://purl.org/coar/access_right/c_f1cf
dc.rights.acceso.es.fl_str_mv	Restringido (Temporalmente bloqueado)
dc.rights.uri.*.fl_str_mv	http://creativecommons.org/licenses/by-nc-sa/2.5/co/
rights_invalid_str_mv	Atribución-NoComercial-CompartirIgual 2.5 Colombia Restringido (Temporalmente bloqueado) http://creativecommons.org/licenses/by-nc-sa/2.5/co/ http://purl.org/coar/access_right/c_f1cf
dc.format.extent.es.fl_str_mv	48 pp
dc.format.mimetype.es.fl_str_mv	application/pdf
dc.publisher.spa.fl_str_mv	Universidad del Rosario
dc.publisher.department.spa.fl_str_mv	Facultad de Economía
dc.publisher.program.spa.fl_str_mv	Maestría en Economía
institution	Universidad del Rosario
dc.source.bibliographicCitation.es.fl_str_mv	Adler, Gustavo and Camilo Ernesto Tovar, “Foreign Exchange Interventions and their Impact on Exchange Rate Levels,” Monetaria, January-J 2014, 0 (1), 1–48. _, Camilo E Tovar et al., “Foreign exchange interventions and their impact on exchange rate levels,” Monetaria, 2014, 2 (1), 1–48. Arango-Lozano, Lucía, Lukas Menkhoff, Daniela Rodríguez-Novoa, and Mauricio Villamizar Villegas, “The effectiveness of FX interventions: A meta-analysis,” Journal of Financial Stability, 2020, p. 100794 Berganza, Juan Carlos and Carmen Broto, “Flexible inflation targets, forex interventions and exchange rate volatility in emerging countries,” Journal of International Money and finance, 2012, 31 (2), 428–444. Cardozo, Pamela, “Learning from experience in Colombia,” Foreign Exchange Intervention in Inflation Targeters in Latin America, 2019, p. 137. Chamon, Marcos, David Hofman, Nicolas Magud, and Alejandro Werner, Chapter 4: the effectiveness of intervention, USA: International Monetary Fund, 2019 _,_,_, and _, Chapter 9: learning from experience in Colombia, USA: International Monetary Fund, 2019 _, Márcio Garcia, and Laura Souza, “FX interventions in Brazil: a synthetic control approach,” Journal of International Economics, 2017, 108, 157–168. Domaç, Ilker and Alfonzo Mendoza, Is there room for foreign exchange interventions under an inflation targeting framework?: Evidence from Mexico and Turkey, Vol. 3288, World Bank Publications, 2004. Dominguez, Kathryn M and Jeffrey A Frankel, “Does foreign-exchange intervention matter? The portfolio effect,” The American Economic Review, 1993, 83 (5), 1356–1369. Dornbusch, Rudiger, “Exchange Rate Economics: Where Do We Stand?,” Brookings Papers on Economic Activity, 1980, 11 (1, Tenth), 143–206. Durán-Vanegas, Juan David, “Do foreign exchange interventions work as coordinating signals in Colom bia?,” Ensayos Sobre Politica Economica, 2015, 33 (78), 169–175 Echavarría, Juan José, “Intervenciones cambiarias y política monetaria en Colombia: un análisis de VAR estructural,” Borradores de Economía; No. 580, 2009. Echavarría, Juan José, Diego Vásquez, and Mauricio Villamizar, “Impacto de las intervenciones cambiarias sobre el nivel y la volatilidad de la tasa de cambio en Colombia,” Ensayos Sobre Política Económica, 2010. _, Luis Fernando Melo, Santiago Téllez, and Mauricio Villamizar, “The impact of pre-announced day-to-day interventions on the Colombian exchange rate,” BIS Working Papers 428, Bank for International Settlements September 2013. Echavarría, Juan J., Luis F. Melo-Velandia, and Mauricio Villamizar-Villegas, “The impact of foreign exchange intervention in Colombia. An event study approach,” Revista Desarrollo y Sociedad, 2014, (73), 7–31. _,_, and _, “The impact of pre-announced day-to-day interventions on the Colombian exchange rate,” Empirical Economics, November 2018, 55 (3), 1319–1336. Fatum, Rasmus and Michael Hutchison, “Effectiveness of official daily foreign exchange market intervention operations in Japan,” Journal of International Money and Finance, 2006, 25 (2), 199–219. _ and Michael M. Hutchison, “Is sterilised foreign exchange intervention effective after all? an event study approach,” Economic Journal, 04 2003, 113 (487), 390–411. _ and Michael M Hutchison, “Evaluating foreign exchange market intervention: Self-selection, coun terfactuals and average treatment effects,” Journal of International Money and Finance, 2010, 29 (3), 570–584. Fuentes, Miguel, Pablo M Pincheira, Juan Manuel Julio, Hernán Rincón, Santiago García Verdú, Miguel Zerecero, Marco Vega, Erick Lahura, and Ramon Moreno, “The effects of intraday foreign exchange market operations in Latin America: results for Chile, Colombia, Mexico and Peru,” 2014. Galati, Gabriele, William Melick, and Marian Micu, “Foreign exchange market intervention and expectations: the yen/dollar exchange rate,” Journal of International Money and Finance, 2005, 24 (6), 982–1011. Guimarães, Roberto Pereira and Mr Cem Karacadag, The empirics of foreign exchange intervention in emerging markets: the cases of Mexico and Turkey, International Monetary Fund, 2004. Hillebrand, Eric T and Gunther Schnabl, “The effects of Japanese foreign exchange intervention GARCH estimation and change point detection,” Japan Bank for International Corporation Institute Working Paper, 2003, (6). Imbens, Guido and Karthik Kalyanaraman, “Optimal Bandwidth Choice for the Regression Disconti nuity Estimator,” Review of Economic Studies, 2012, 79, 933–959. Janot, Marcio Magalhães and Leonardo Peixoto Macedo, “Efeitos das intervenções cambiais sobre a taxa de câmbio futura no Brasil,” Revista Brasileira de Economia, 2016, 70, 457–480. Jordá, Óscar, “Estimation and Inference of Impulse Responses by Local Projections,” American Economic Review, March 2005, 95 (1), 161–182. Kamil, Herman, “Is Central Bank Intervention Effective Under Inflation Targeting Regimes? the Case of Colombia,” IMF Working Papers 08/88, International Monetary Fund April 2008. Kearns, Jonathan and Roberto Rigobon, “Identifying the efficacy of central bank interventions: evidence from Australia and Japan,” Journal of International Economics, 2005, 66 (1), 31–48. Kitamura, Yoshihiro, “A stopping time approach to assessing the effectiveness of foreign exchange intervention: an application to Japanese data,” Journal of International Money and Finance, 2017, 75, 32–46. Kuersteiner, Guido M, David C Phillips, and Mauricio Villamizar-Villegas, “Effective sterilized foreign exchange intervention? Evidence from a rule-based policy,” Journal of International Economics, 2018, 113, 118–138. Lahura, Erick and Marco Vega, “Asymmetric effects of FOREX intervention using intraday data: Evidence from Peru,” 2013. Lee, David S., “Randomized experiments from non-random selection in U.S. House elections,” Journal of Econometrics, February 2008, 142 (2), 675–697. _ and Thomas Lemieux, “Regression Discontinuity Designs in Economics,” Journal of Economic Literature, June 2010, 48 (2), 281–355. Mandeng, Mr Ousmène, Central bank foreign exchange market intervention and option contract specifica tion: the case of Colombia, International Monetary Fund, 2003. Marins, Jaqueline Terra Moura, Gustavo Silva Araujo, and José Valentim Machado Vicente, “Do central bank foreign exchange interventions affect market expectations?,” Applied Economics, 2017, 49 (31), 3017–3031. McCrary, Justin, “Manipulation of the running variable in the regression discontinuity design: A density test,” Journal of Econometrics, February 2008, 142 (2), 698–714. Menkhoff, Lukas, “Foreign exchange intervention in emerging markets: A survey of empirical studies,” The World Economy, 2013, 36 (9), 1187–1208. Moura, Marcelo L, Fatima R Pereira, and Guilherme de Moraes Attuy, “Currency wars in action: How foreign exchange interventions work in an emerging economy,” Technical Report, Insper Working Paper, Insper Instituto de Ensino e Pesquisa 2013. Murcia, Andrés and Diego Rojas, “Determinantes de la tasa de cambio en Colombia: un enfoque de microestructura de mercados,” Ensayos Sobre Política Económica, 2014, 32 (74), 52–67. Neely, Christopher J., “An analysis of recent studies of the effect of foreign exchange intervention,” FEDERAL RESERVE BANK OF ST. LOUIS Review, November 2005, 87 (6), 685–717. Neely, Christopher J, “Central bank authorities’ beliefs about foreign exchange intervention,” Journal of International money and Finance, 2008, 27 (1), 1–25. Onder, Yasin Kursat and Mauricio Villamizar-Villegas, “The effects of monetary and exchange rate policy shocks: evidence from an emerging market economy,” 52nd issue (January 2018) of the International Journal of Central Banking, 2018. Rincón, Hernán and Jorge Toro, “Are Capital Controls and Central Bank Intervention Effective?,” Borradores de Economia 625, Banco de la Republica de Colombia 2010. Santos, Francisco Luna, “Comparing the impact of discretionary and pre-announced central bank inter ventions,” Journal of International Money and Finance, 2021, 110 (C). Sarno, Lucio and Mark P Taylor, “Official intervention in the foreign exchange market: is it effective and, if so, how does it work?,” journal of Economic Literature, 2001, 39 (3), 839–868. Thistlethwaite, Donald L and Donald T Campbell, “Regression-discontinuity analysis: An alternative to the ex post facto experiment.,” Journal of Educational psychology, 1960, 51 (6). Tobal, Martín and Renato Yslas, “Two models of FX market interventions: the cases of Brazil and Mexico,” Technical Report, Working Papers 2016. Toro, Jorge and Juan Manuel Julio, “Efectividad de la Intervención Discrecional del Banco de la República en el Mercado Cambiario,” Borradores de Economia 336, Banco de la Republica de Colombia 2005. Uribe, José Darío and Jorge Toro, “Foreign exchange market intervention in Colombia,” in Bank for International Settlements, ed., Foreign exchange market intervention in emerging markets: motives, techniques and implications, Vol. 24 of BIS Papers chapters, Bank for International Settlements, April 2005, pp. 139–49. Vargas, Hernando, Andrés González, and Diego Rodríguez, “Foreign exchange intervention in Colombia,” BIS Paper, 2013, (73h). Villamizar-Villegas, Mauricio, “Identifying the effects of simultaneous monetary policy shocks,” Contem porary Economic Policy, 2016, 34 (2), 268–296. _ and David Perez-Reyna, “A theoretical approach to sterilized foreign exchange intervention,” Journal of Economic Surveys, 2017, 31 (1), 343–365. _ , Freddy A Pinzon-Puerto, and Maria Alejandra Ruiz-Sanchez, “A comprehensive history of regression discontinuity designs: An empirical survey of the last 60 years,” Journal of Economic Surveys, 2021.
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spelling	Villamizar Villegas, Mauricioe77cf2c4-e599-48d3-9b89-fe23f8382d27600Pinzon Puerto, Freddy AlejandroMagíster en EconomíaMaestríaFull time7a57467d-00fb-486a-b8e2-6e485b40043a6002022-08-19T15:58:17Z2022-08-19T15:58:17Z2022-06-22info:eu-repo/date/embargoEnd/2024-12-13Este articulo examina la efectividad de la intervención cambiaria esterilizada en generar variaciones en la tasa de cambio en la dirección esperada, así como, en disminuir su volatilidad. Adicionalmente, se cuantifica en que grado los efectos del anuncio de la intervención cambiaria difieren de la intervención como tal. Para tal fin, se emplean diseños de regresión discontinua fuzzy y sharp que toman ventaja de variación exógena de una regla de intervención utilizada por el Banco de la República (Banco Central de Colombia). Específicamente, se comparan episodios en los cuales la regla justo no se activó con episodios donde la regla apenas se activó, conllevando a la compra y venta de dólares. Por un lado, nuestros hallazgos sugieren que la compra de 60 millones de dólares generan una depreciación del 1% en la tasa de cambio y una reducción de la volatilidad de 1.2 pp, y estos efectos perduran hasta 20 días. En contraste, el anuncio de compras tiene menores efectos, los cuales desaparecen rápidamente. Por otro lado, la venta de dólares por parte del Banco de la República evidencian un efecto menos consistente, indicando que solo el anuncio de la intervención es efectivo. Además, la apreciación del peso y la reducción de la volatilidad de la tasa de cambio aparece varios días después del anuncio de la intervención.This paper examines the effectiveness of the Sterilized Foreign Exchange Intervention in pushing changes in the exchange rate in the expected direction and curbing its volatility. Furthermore, we quantify the extent to which the effects of the intervention announcement differ from the actual intervention. To this end, we employ fuzzy and sharp Regression Discontinuity Designs that take advantage of exogenous variation from a rule-based intervention mechanism from the Central Bank of Colombia (CBoC). Specifically, we compare episodes in which the intervention rule was just missed with episodes in which it was barely triggered, leading to the purchase and sale of dollars. On the one hand, our findings suggest that, on average, 60 million dollar purchases depreciate the exchange rate by 1\% and reduce its volatility by 1.2pp, and these effects last up to 20 days. By comparison, the announcement of purchases has lower effects, which disappear faster. On the other hand, CBoC dollar sales evidence a less consistent impact, indicating that only the intervention announcement is effective. Besides, the appreciation of the peso and the exchange rate volatility reduction appear several days after the intervention announcement.2022-12-13 16:30:01: Script de automatizacion de embargos. Correo recibido 13dic2022: Espero se encuentren muy bien. Les escribo porque requiero que mi tesis de maestría (Titulo: Foreign exchange intervention effectiveness: a regression discontinuity design ; autor: Pinzon Puerto, Freddy Alejandro) tenga el acceso bloqueado al público ya que en los próximos días estaré enviando el documento (con múltiples cambios que le he agregado) a una revista y requiero que esa versión vieja no tenga acceso público. Cordialmente, Freddy Pinzon Correo respuesta 13dic2022: Respetado Freddy Alejandro, reciba un cordial saludo De acuerdo con su solicitud el documento titulado Foreign exchange intervention effectiveness: a regression discontinuity design, el cual puede consultar en el siguiente enlace: https://repository.urosario.edu.co/handle/10336/34731, ha sido embargado por 2 años, es decir, hasta el 13 de diciembre de 2024, en concordancia con las Políticas de Acceso Abierto de la Universidad. Si usted desea dejarlo con acceso abierto antes de finalizar dicho periodo o si por el contrario desea extender el embargo al finalizar este tiempo, puede enviar un correo a esta misma dirección realizando la solicitud. Tenga en cuenta que los documentos en acceso abierto propician una mayor visibilidad de su producción académica. Sin embargo, debido a que este es un documento diferente al que usted enviará a la revista, por lo general las editoriales no tienen problema con que este alojado en un repositorio institucional. Si usted desea, queremos invitarlo a tomar una asesoría con nuestros asesores de información del CRAI, quienes podrán brindarle orientación en la identificación de las políticas editoriales de la revista donde usted esta realizando el proceso de publicación y también y acompañamiento en la edición. La solicitud de asesoría puede agendarla en el siguiente link: https://n9.cl/agendamiento_servicios_crai Quedamos atentos a cualquier inquietud o sugerencia.48 ppapplication/pdfhttps://doi.org/10.48713/10336_34731https://repository.urosario.edu.co/handle/10336/34731engUniversidad del RosarioFacultad de EconomíaMaestría en EconomíaAtribución-NoComercial-CompartirIgual 2.5 ColombiaRestringido (Temporalmente bloqueado)EL AUTOR, manifiesta que la obra objeto de la presente autorización es original y la realizó sin violar o usurpar derechos de autor de terceros, por lo tanto la obra es de exclusiva autoría y tiene la titularidad sobre la misma. PARGRAFO: En caso de presentarse cualquier reclamación o acción por parte de un tercero en cuanto a los derechos de autor sobre la obra en cuestión, EL AUTOR, asumirá toda la responsabilidad, y saldrá en defensa de los derechos aquí autorizados; para todos los efectos la universidad actúa como un tercero de buena fe. EL AUTOR, autoriza a LA UNIVERSIDAD DEL ROSARIO, para que en los términos establecidos en la Ley 23 de 1982, Ley 44 de 1993, Decisión andina 351 de 1993, Decreto 460 de 1995 y demás normas generales sobre la materia, utilice y use la obra objeto de la presente autorización. -------------------------------------- POLITICA DE TRATAMIENTO DE DATOS PERSONALES. Declaro que autorizo previa y de forma informada el tratamiento de mis datos personales por parte de LA UNIVERSIDAD DEL ROSARIO para fines académicos y en aplicación de convenios con terceros o servicios conexos con actividades propias de la academia, con estricto cumplimiento de los principios de ley. Para el correcto ejercicio de mi derecho de habeas data cuento con la cuenta de correo habeasdata@urosario.edu.co, donde previa identificación podré solicitar la consulta, corrección y supresión de mis datos.http://creativecommons.org/licenses/by-nc-sa/2.5/co/http://purl.org/coar/access_right/c_f1cfAdler, Gustavo and Camilo Ernesto Tovar, “Foreign Exchange Interventions and their Impact on Exchange Rate Levels,” Monetaria, January-J 2014, 0 (1), 1–48._, Camilo E Tovar et al., “Foreign exchange interventions and their impact on exchange rate levels,” Monetaria, 2014, 2 (1), 1–48.Arango-Lozano, Lucía, Lukas Menkhoff, Daniela Rodríguez-Novoa, and Mauricio Villamizar Villegas, “The effectiveness of FX interventions: A meta-analysis,” Journal of Financial Stability, 2020, p. 100794Berganza, Juan Carlos and Carmen Broto, “Flexible inflation targets, forex interventions and exchange rate volatility in emerging countries,” Journal of International Money and finance, 2012, 31 (2), 428–444.Cardozo, Pamela, “Learning from experience in Colombia,” Foreign Exchange Intervention in Inflation Targeters in Latin America, 2019, p. 137.Chamon, Marcos, David Hofman, Nicolas Magud, and Alejandro Werner, Chapter 4: the effectiveness of intervention, USA: International Monetary Fund, 2019_,_,_, and _, Chapter 9: learning from experience in Colombia, USA: International Monetary Fund, 2019_, Márcio Garcia, and Laura Souza, “FX interventions in Brazil: a synthetic control approach,” Journal of International Economics, 2017, 108, 157–168.Domaç, Ilker and Alfonzo Mendoza, Is there room for foreign exchange interventions under an inflation targeting framework?: Evidence from Mexico and Turkey, Vol. 3288, World Bank Publications, 2004.Dominguez, Kathryn M and Jeffrey A Frankel, “Does foreign-exchange intervention matter? The portfolio effect,” The American Economic Review, 1993, 83 (5), 1356–1369.Dornbusch, Rudiger, “Exchange Rate Economics: Where Do We Stand?,” Brookings Papers on Economic Activity, 1980, 11 (1, Tenth), 143–206.Durán-Vanegas, Juan David, “Do foreign exchange interventions work as coordinating signals in Colom bia?,” Ensayos Sobre Politica Economica, 2015, 33 (78), 169–175Echavarría, Juan José, “Intervenciones cambiarias y política monetaria en Colombia: un análisis de VAR estructural,” Borradores de Economía; No. 580, 2009.Echavarría, Juan José, Diego Vásquez, and Mauricio Villamizar, “Impacto de las intervenciones cambiarias sobre el nivel y la volatilidad de la tasa de cambio en Colombia,” Ensayos Sobre Política Económica, 2010._, Luis Fernando Melo, Santiago Téllez, and Mauricio Villamizar, “The impact of pre-announced day-to-day interventions on the Colombian exchange rate,” BIS Working Papers 428, Bank for International Settlements September 2013.Echavarría, Juan J., Luis F. Melo-Velandia, and Mauricio Villamizar-Villegas, “The impact of foreign exchange intervention in Colombia. An event study approach,” Revista Desarrollo y Sociedad, 2014, (73), 7–31._,_, and _, “The impact of pre-announced day-to-day interventions on the Colombian exchange rate,” Empirical Economics, November 2018, 55 (3), 1319–1336.Fatum, Rasmus and Michael Hutchison, “Effectiveness of official daily foreign exchange market intervention operations in Japan,” Journal of International Money and Finance, 2006, 25 (2), 199–219._ and Michael M. Hutchison, “Is sterilised foreign exchange intervention effective after all? an event study approach,” Economic Journal, 04 2003, 113 (487), 390–411._ and Michael M Hutchison, “Evaluating foreign exchange market intervention: Self-selection, coun terfactuals and average treatment effects,” Journal of International Money and Finance, 2010, 29 (3), 570–584.Fuentes, Miguel, Pablo M Pincheira, Juan Manuel Julio, Hernán Rincón, Santiago García Verdú, Miguel Zerecero, Marco Vega, Erick Lahura, and Ramon Moreno, “The effects of intraday foreign exchange market operations in Latin America: results for Chile, Colombia, Mexico and Peru,” 2014.Galati, Gabriele, William Melick, and Marian Micu, “Foreign exchange market intervention and expectations: the yen/dollar exchange rate,” Journal of International Money and Finance, 2005, 24 (6), 982–1011.Guimarães, Roberto Pereira and Mr Cem Karacadag, The empirics of foreign exchange intervention in emerging markets: the cases of Mexico and Turkey, International Monetary Fund, 2004.Hillebrand, Eric T and Gunther Schnabl, “The effects of Japanese foreign exchange intervention GARCH estimation and change point detection,” Japan Bank for International Corporation Institute Working Paper, 2003, (6).Imbens, Guido and Karthik Kalyanaraman, “Optimal Bandwidth Choice for the Regression Disconti nuity Estimator,” Review of Economic Studies, 2012, 79, 933–959.Janot, Marcio Magalhães and Leonardo Peixoto Macedo, “Efeitos das intervenções cambiais sobre a taxa de câmbio futura no Brasil,” Revista Brasileira de Economia, 2016, 70, 457–480.Jordá, Óscar, “Estimation and Inference of Impulse Responses by Local Projections,” American Economic Review, March 2005, 95 (1), 161–182.Kamil, Herman, “Is Central Bank Intervention Effective Under Inflation Targeting Regimes? the Case of Colombia,” IMF Working Papers 08/88, International Monetary Fund April 2008.Kearns, Jonathan and Roberto Rigobon, “Identifying the efficacy of central bank interventions: evidence from Australia and Japan,” Journal of International Economics, 2005, 66 (1), 31–48.Kitamura, Yoshihiro, “A stopping time approach to assessing the effectiveness of foreign exchange intervention: an application to Japanese data,” Journal of International Money and Finance, 2017, 75, 32–46.Kuersteiner, Guido M, David C Phillips, and Mauricio Villamizar-Villegas, “Effective sterilized foreign exchange intervention? 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LOUIS Review, November 2005, 87 (6), 685–717.Neely, Christopher J, “Central bank authorities’ beliefs about foreign exchange intervention,” Journal of International money and Finance, 2008, 27 (1), 1–25.Onder, Yasin Kursat and Mauricio Villamizar-Villegas, “The effects of monetary and exchange rate policy shocks: evidence from an emerging market economy,” 52nd issue (January 2018) of the International Journal of Central Banking, 2018.Rincón, Hernán and Jorge Toro, “Are Capital Controls and Central Bank Intervention Effective?,” Borradores de Economia 625, Banco de la Republica de Colombia 2010.Santos, Francisco Luna, “Comparing the impact of discretionary and pre-announced central bank inter ventions,” Journal of International Money and Finance, 2021, 110 (C).Sarno, Lucio and Mark P Taylor, “Official intervention in the foreign exchange market: is it effective and, if so, how does it work?,” journal of Economic Literature, 2001, 39 (3), 839–868.Thistlethwaite, Donald L and Donald T Campbell, “Regression-discontinuity analysis: An alternative to the ex post facto experiment.,” Journal of Educational psychology, 1960, 51 (6).Tobal, Martín and Renato Yslas, “Two models of FX market interventions: the cases of Brazil and Mexico,” Technical Report, Working Papers 2016.Toro, Jorge and Juan Manuel Julio, “Efectividad de la Intervención Discrecional del Banco de la República en el Mercado Cambiario,” Borradores de Economia 336, Banco de la Republica de Colombia 2005.Uribe, José Darío and Jorge Toro, “Foreign exchange market intervention in Colombia,” in Bank for International Settlements, ed., Foreign exchange market intervention in emerging markets: motives, techniques and implications, Vol. 24 of BIS Papers chapters, Bank for International Settlements, April 2005, pp. 139–49.Vargas, Hernando, Andrés González, and Diego Rodríguez, “Foreign exchange intervention in Colombia,” BIS Paper, 2013, (73h).Villamizar-Villegas, Mauricio, “Identifying the effects of simultaneous monetary policy shocks,” Contem porary Economic Policy, 2016, 34 (2), 268–296._ and David Perez-Reyna, “A theoretical approach to sterilized foreign exchange intervention,” Journal of Economic Surveys, 2017, 31 (1), 343–365._ , Freddy A Pinzon-Puerto, and Maria Alejandra Ruiz-Sanchez, “A comprehensive history of regression discontinuity designs: An empirical survey of the last 60 years,” Journal of Economic Surveys, 2021.instname:Universidad del Rosarioreponame:Repositorio Institucional EdocUREfectividad de la intervención cambiariaDiseño de Regresión DiscontinuaFuzzy RDDSharp RDDTasa de cambioEconomía330600Foreign exchange intervention effectivenessRegression Discontinuity DesignFuzzy RDDSharp RDDExchange rateForeign exchange intervention effectiveness: a regression discontinuity designbachelorThesisArtículoTrabajo de gradohttp://purl.org/coar/resource_type/c_7a1fORIGINALPinzonPuerto-FreddyAlejandro-2022.pdfPinzonPuerto-FreddyAlejandro-2022.pdfTesisapplication/pdf1781633https://repository.urosario.edu.co/bitstreams/36078edc-d9b7-4d85-aa44-0c44f387c98c/download26562642d8b4cd475170d8cddbef0b1eMD51LICENSElicense.txtlicense.txttext/plain1475https://repository.urosario.edu.co/bitstreams/d1be5280-25cd-4024-a2f4-24f02822dd4a/downloadfab9d9ed61d64f6ac005dee3306ae77eMD52CC-LICENSElicense_rdflicense_rdfapplication/rdf+xml; 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Foreign exchange intervention effectiveness: a regression discontinuity design

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