Colombian paper trumpets transparent forex intervention

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A working paper, published yesterday by the Central Bank of Colombia, finds the central bank's "pre-announced and transparent" interventions in foreign exchange markets during 2008–12 were more effective than its discretionary – or "dirty" – interventions conducted in 2004–07.

The paper – The Impact of Pre-announced Day-to-Day Interventions on the Colombian Exchange Rate, by Juan José Echavarría, Luis Fernando Melo, Santiago Téllez and Mauricio Villamizar – says inflation-targeting regimes

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