Política de intervención oficial en el mercado de cambio futuro: análisis de su estabilidad

Abstract

The objective of this essay is to analyze, within the framework of a previous paper: Expectations, Stability and the Forward Exchange Market (Económica Nº 2, Mayo- Agosto 1970), the immediate and deferred effects of the official intervention in the forward exchange market in case of speculative attacks against the domestic money. We study first the way in which the process of depletion of reserves is generated when there is an increase in the inflationary expectations of speculators and when the Government does not intervene in the forward market. We later analyze – among other problems- the general process of official intervention, taken into account several possible cases of automatic as well as discretionary exchange policies in the present and forward markets.