Resumen

CASTILLO MALDONADO, Carlos Eduardo. Efectividad de la intervención cambiaria en Guatemala. El trimestre econ [online]. 2010, vol.77, n.307, pp.557-583. ISSN 2448-718X.

Purchase and sale oriented exchange rate intervention effectiveness carried on by the Central Bank of Guatemal a is analyzed through an ACT-GARCH model. By using daily information for the period 1996-2008, it is found that purchase-oriented intervention tends to reduce the exchange rate long run volatility, while sale-oriented intervention tends to increase it. Nevertheless, both types of exchange rate intervention affected the quetzal/dollar level. Therefore, exchange rate intervention was effective when it was addressed to produce exchange rate level effects, but it lacked effectiveness when the Central Bank of Guatemala limited intervention to moderate exchange rate volatility.

Palabras llave : intervención cambiaria de compra; intervención cambiaria de venta; intervención efectiva; tipo de cambio y volatilidad cambiaria.

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