03245oam 22008054 450 991016503720332120230809222802.01-4755-7245-X1-4755-7251-4(CKB)3710000001064737(MiAaPQ)EBC4807087(IMF)WPIEA2017011(EXLCZ)99371000000106473720020129d2017 uf 0engurcnu||||||||rdacontentrdamediardacarrierThe Relative Effectiveness of Spot and Derivatives Based Intervention : The Case of Brazil /Milan Nedeljkovic, Christian SaborowskiWashington, D.C. :International Monetary Fund,2017.1 online resource (36 pages) color illustrations, tables, graphsIMF Working Papers1-4755-7103-8 Includes bibliographical references.This paper studies the relative effectiveness of foreign exchange intervention in spot and derivatives markets. We make use of Brazilian data where spot and non-deliverable futures based intervention have been used in tandem for more than a decade. The analysis finds evidence in favor of a significant link between both modes of intervention and the first two moments of the real/dollar exchange rate. As predicted by theory for the case of negligible convertibility risk, the impact of spot market intervention in our baseline sample is strikingly similar to that achieved through futures based intervention worth an equivalent amount in notional principal.IMF Working Papers; Working Paper ;No. 2017/011Monetary policyBrazilForeign exchange ratesBrazilForeign ExchangeimfInvestments: FuturesimfPension FundsimfNon-bank Financial InstitutionsimfFinancial InstrumentsimfInstitutional InvestorsimfCurrencyimfForeign exchangeimfFinanceimfFuturesimfExchange ratesimfCurrency swapsimfExchange rate adjustmentsimfFinancial institutionsimfDerivative securitiesimfBrazilimfMonetary policyForeign exchange ratesForeign ExchangeInvestments: FuturesPension FundsNon-bank Financial InstitutionsFinancial InstrumentsInstitutional InvestorsCurrencyForeign exchangeFinanceFuturesExchange ratesCurrency swapsExchange rate adjustmentsFinancial institutionsDerivative securities339.53098109049Nedeljkovic Milan1217433Saborowski Christian1205326DcWaIMFBOOK9910165037203321The Relative Effectiveness of Spot and Derivatives Based Intervention3653308UNINA