2013-05-272013-05-272013-05-272013-05-27https://repositorio.banrep.gov.co/handle/20.500.12134/5907The adoption of a managed regime assumes that interventions are relatively successful. However, while some authors consider that foreign exchange interventions are ineffective, arguing that domestic and foreign assets are close substitutes, others advocatPDFspaOpen AccessWorking PaperE52 - Monetary PolicyE58 - Central Banks and Their PoliciesF31 - Foreign ExchangeCentral bank interventionReaction functionTobit-GARCHForeign exchange intervention mechanismsCapital controlsDirty interventionsTasas de cambio -- Colombia -- 2004-2012Tasas de cambio -- Intervención del estado -- Colombia -- 2004-2012Cambio exterior -- Intervención del estado -- Colombia -- 2004-2012Acceso abiertoAtribucion-NoComercial-CompartirIgual CC BY-NC-SA 4.0E52 - Política monetariaE58 - Bancos centrales y sus políticasF31 - Tipos de cambioLas opiniones contenidas en el presente documento son responsabilidad exclusiva de los autores y no comprometen al Banco de la República ni a su Junta Directiva.https://hdl.handle.net/20.500.12134/5907