FX Intervention to Stabilize or Manipulate the Exchange Rate? Inference from Profitability

FX Intervention to Stabilize or Manipulate the Exchange Rate? Inference from Profitability
We analyze the profitability of FX swaps used by the central bank of Brazil to shed light on the rationale for FX intervention. We find that swaps are profitable in expectation, suggesting that FX intervention is used to stabilize the exchange rate in the face of temporary excessive movements rather than to manipulate it away from fundamental... READ MORE...

Publication date: June 2020
ISBN 9781513547664
$18.00

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