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Copyright of Revista de la Maestría en Derecho Económico is the property of Pontificia Universidad Javeriana and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

In this paper, we discuss the management of monetary policy of the Latin American central banks that have fully established inflation targeting. An optimal monetary rule is estimated for these economies using the Generalized Method of Moments. This analysis allows us to conclude that these central banks have taken into account the economic growth, in addition to price stability. However, only Chile has taken into account the evolution of the exchange rate. Furthermore, Chile, Brazil and Peru have followed an asymmetric behavior, while Colombia and Mexico have adopted a linear monetary policy rule. [ABSTRACT FROM AUTHOR]

This paper examines foreign exchange intervention practices and their effectiveness in containing currency appreciation, using a new qualitative and quantitative database for a panel of 15 economies covering 2004-2010, with special focus on Latin America. Qualitatively, it examines institutional aspects such as declared motives, instruments employed, the use of rules versus discretion, and the degree of transparency. Quantitatively, it assesses the effectiveness of sterilized interventions in influencing the exchange rate using a two-stage IV-panel data approach, which helps overcome endogeneity bias. Results suggest that interventions slow the pace of appreciation, but the effects decrease rapidly with the degree of capital account openness. At the same time, interventions are more effective in the context of already overvalued exchange rates. [ABSTRACT FROM AUTHOR]

Copyright of Cuadernos de Economia is the property of Universidad Catolica del Uruguay Damaso Antonio Larranaga and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista de la CEPAL is the property of United Nations Publications and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This article discusses the benchmarking analysis of the central banking system in Latin America for the period 1990-2010. The author comments on the monetary and economic policies in Latin America and the effect they have on its relationship internationally. They examine such aspects as inflation, private sector credit, federal reserves, and variability of the exchange rate.