BIS paper studies high-frequency data on central bank intervention

Big data

Foreign exchange interventions can be an effective means of slowing credit growth triggered by capital inflows, according to a study based on high-frequency data from Colombia.

The Bank for International Settlements working paper, by Boris Hofmann, Hyun Song Shin and Mauricio Villamizar-Villegas, draws on detailed data around interventions by the Central Bank of Colombia, which the authors combine with bank-level daily flow data on new loans to corporates.

Sterilised forex interventions –

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