Real Effective Exchange Rate in Brazil, 1993–2017

(Index, June 1994 = 100)

International Reserves and Net Public and Private Debt, 1993–2017

(Billions of US dollars)

International Reserves, Swap Position, and Repo Position, 2003–17

(Billions of US dollars)

Flowchart of Intervention Policy, Based on the Brazilian Experience

Exchange Rate Band, 1990–99

(Chilean pesos per US dollar, observed Central Bank of Chile)

Monthly Reserves over Yearly GDP, 1990–2011

(Reserves/GDP)

Interventions: Sale Announcements, 2001 and 2002

(Chilean pesos per US dollar, observed Central Bank of Chile)

Interventions: Purchase Announcements, 2008 and 2011

(Chilean pesos per US dollar, observed Central Bank of Chile)

Intraday Effect, 2008 and 2011

(Chilean pesos per US dollar)

Colombian Central Bank Foreign Exchange Intervention, 1999–2017

(Millions of US dollars, left scale; US dollar/Colombian peso official exchange rate, right scale)

Central Bank’s Indicators, 1999–2017

International Reserves Indicators

Decision Tree for Selling Reserves

Nominal and Real Effective Exchange Rates under Different Regimes, 1957–2017

MONEX Exchange Rate under the Crawling Band Regime, 2006–14

Consumer Price Index Inflation under Different Exchange Rate Regimes, 1957–2017

(Percent)

Financial Dollarization: Foreign Exchange Deposits and Credit to the Private Sector, 1997–2017

(Percent)

Inflation Target, Expectations, and Observed Inflation, 2006–18

(Percent)

Over-the-Counter Daily Average Foreign Exchange Turnover, 2016

(Percent of GDP)

MONEX Market: Structure, by Category, 2014–17

(Percent)

MONEX Market: Share of Top Four Participants in Turnover, 2014–17 (Percent)

Decision Makers for the Central Bank of Costa Rica’s Foreign Exchange Intervention

Central Bank of Costa Rica’s Reserve Accumulation Programs: Cumulative Effect on Net International Reserves, 2010–15

(Thousands of US dollars)

Standard Reserve Adequacy Metrics, 2014–17

(Percent)

Central Bank of Costa Rica’s Foreign Exchange Intervention to Accumulate Reserves, 2013–18

(Thousands of US dollars, left scale; colones per US dollar, right scale)

Central Bank of Costa Rica’s Foreign Exchange Interventions to Fulfill Nonfinancial Public Sector Needs, 2013–18

(Thousands of US dollars, left scale; colones per US dollar, right scale)

Central Bank of Costa Rica’s Foreign Exchange Stabilization Interventions, 2013–18

(Colones per US dollar)

MONEX Weighted-Average Exchange Rate, 2013–18

(Colones per US dollar)

The Effect of Intervention on Mean Volatility of the Exchange Rate

(Percent)

Bank of Mexico’s International Reserves and the Mexican Peso Exchange Rate, 1993–2017

(Billions of US dollars, left scale; Mexican peso per US dollar, right scale)

Bank of Mexico’s International Reserves: Sources of Accumulation, 1996–2017

(Billions of US dollars)

Mexican Peso to US Dollar Exchange Rate: Options Exercises, 1996–2001 and 2010–11

(Mexican peso per US dollar)

Mexican Peso to US Dollar Exchange Rate: Minimum Price Auctions, 1997–2001 and 2008–16

(Mexican peso per US dollar)

Mexican Peso to US Dollar Exchange Rate and Nonminimum Price US Dollar Daily Auctions, 2009 and 2015

(Mexican peso per US dollar, left scale; millions of US dollars, right scale)

Mexican Peso and Synthetic MXN with Auction Announcements

(Mexican peso per US dollar)

Mexican Peso and Synthetic MXN with Direct Interventions

(Mexican peso per US dollar)

Mexican Peso and Synthetic MXN with Hedge Auctions Announcement, February 2017

(Mexican peso per US dollar)

Mexican Peso Intraday Volatility Density Function, by Intervention

Mexican Peso Intraday Bid-Ask Spread Density Function, by Intervention Day, 2014–17

International Reserves at the End of 2009: A Country Comparison of Stocks

(Percentage of GDP)

International Reserves and the IMF Metric, 2007–17

(Billions of US dollars)

International Reserves and the Calvo and Others’ Metric, 1993–2017

(Percentage of GDP)

International Reserves and Jeanne-Rancière Metric, 2007–17

(Percentage of GDP)

Index of Foreign Exchange Market’s Operating Conditions, 2016–17

(Five-day moving average)

Dollarization of the Banking System, 1992–2017

Net International Reserves and the Peruvian Sol/US Dollar Exchange Rate, 1992–2017

(Billions of US dollars, left scale; Peruvian sol/US dollars, right scale)

Net Purchases of US Dollars, 1992–2017

(Percent of GDP)

Monetary Policy Framework in Peru

External Shock Impact, Fully Floating and Leaning-Against- the-Wind Policies, and Persistent Shock

External Shock Impact, Fully Floating and Leaning-Against- the-Wind Policy, and Transitory Shock

Evolution of the Peruvian, Brazilian, and Colombian Currencies, 2002–17

Turnover of Over-the-Counter Foreign Exchange Instruments, 2016

(Daily averages as percentage of GDP)

Net Yearly Purchases, Foreign Exchange Spot, 1998–2017

(Percent; ratio to yearly interbank foreign exchange turnover)

Foreign Exchange Forward Net Sales Position of Commercial Banks and Adoption of Alternative Instruments, 2001–17

International Indicators for the Uruguayan Economy, 2004–18

Balance of Financial Account: Regional Comparison, 2003–16

(Percent of GDP)

Foreign Exchange Net Purchases and Exchange Rate, 2007–17

(Normalized data)

Sterilized and Nonsterilized Interventions, 2007–17

(Millions of dollars)

Estimated Cost of Surplus Reserves, 2010–17

Brazilian Real, Uruguayan Peso, and US Dollar Comovements, 2007–17

Impulse Response Functions: Response of Exchange Rate and Expected Depreciation to Interventions

(Standard deviations of the corresponding impulse)

Impulse Response Functions: Response of Exchange Rate to Interventions using Choleski Identification

Impulse Response Functions: Response of Exchange Rate to Interventions using Choleski Identification

Impulse Response Functions: Response of Exchange Rate to Interventions using Choleski Identification