Market frictions and banking regulations limit the liquidity of the derivatives market, particularly affecting large firms. Foreign exchange interventions have asymmetric effects: they implicitly protect small firms under low intervention scenarios, but benefit large firms when intervention is high.
Medellín, Juan Camilo
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Presentation titled "Public savings and the effectiveness of Sterilized Foreign Exchange Intervention", delivered during the Seminar of the EEP Journal (Challenges of Fiscal Policy in the face of the Recent Macroeconomic Uncertainty), organized by Banco de la República at the Events Center of…
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Abstract:
