Foreign exchange intervention less effective in open economies: IMF paper

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An International Monetary Fund paper, published on Wednesday, says interventions in foreign exchange markets slow the pace of appreciation, although this effect decreases rapidly with the degree of capital account openness.

Gustavo Adler and Camilo Tovar Mora, the paper's authors, use a qualitative and quantitative database for a panel of 15 Latin American economies between 2004 and 2010 to examine foreign exchange intervention practices and their effectiveness.

The authors detect a robust

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