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035   $a(IMF)WPIEA2017011
035   $a(EXLCZ)993710000001064737
100   $a20020129d2017      uf         0
101 0 $aeng
135   $aurcnu||||||||
181   $2rdacontent
182   $2rdamedia
183   $2rdacarrier
200 14$aThe Relative Effectiveness of Spot and Derivatives Based Intervention : $eThe Case of Brazil /$fMilan Nedeljkovic, Christian Saborowski
210  1$aWashington, D.C. :$cInternational Monetary Fund,$d2017.
215   $a1 online resource (36 pages) $ccolor illustrations, tables, graphs
225 1 $aIMF Working Papers
311   $a1-4755-7103-8 
320   $aIncludes bibliographical references.
330 3 $aThis paper studies the relative effectiveness of foreign exchange intervention in spot and derivatives markets. We make use of Brazilian data where spot and non-deliverable futures based intervention have been used in tandem for more than a decade. The analysis finds evidence in favor of a significant link between both modes of intervention and the first two moments of the real/dollar exchange rate. As predicted by theory for the case of negligible convertibility risk, the impact of spot market intervention in our baseline sample is strikingly similar to that achieved through futures based intervention worth an equivalent amount in notional principal.
410  0$aIMF Working Papers; Working Paper ;$vNo. 2017/011
606   $aMonetary policy$zBrazil
606   $aForeign exchange rates$zBrazil
606   $aForeign Exchange$2imf
606   $aInvestments: Futures$2imf
606   $aPension Funds$2imf
606   $aNon-bank Financial Institutions$2imf
606   $aFinancial Instruments$2imf
606   $aInstitutional Investors$2imf
606   $aCurrency$2imf
606   $aForeign exchange$2imf
606   $aFinance$2imf
606   $aFutures$2imf
606   $aExchange rates$2imf
606   $aCurrency swaps$2imf
606   $aExchange rate adjustments$2imf
606   $aFinancial institutions$2imf
606   $aDerivative securities$2imf
607   $aBrazil$2imf
615  0$aMonetary policy
615  0$aForeign exchange rates
615  7$aForeign Exchange
615  7$aInvestments: Futures
615  7$aPension Funds
615  7$aNon-bank Financial Institutions
615  7$aFinancial Instruments
615  7$aInstitutional Investors
615  7$aCurrency
615  7$aForeign exchange
615  7$aFinance
615  7$aFutures
615  7$aExchange rates
615  7$aCurrency swaps
615  7$aExchange rate adjustments
615  7$aFinancial institutions
615  7$aDerivative securities
676   $a339.53098109049
700   $aNedeljkovic$b Milan$01217433
701   $aSaborowski$b Christian$01205326
801  0$bDcWaIMF
906   $aBOOK
912   $a9910165037203321
996   $aThe Relative Effectiveness of Spot and Derivatives Based Intervention$93653308
997   $aUNINA