<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0120-2596</journal-id>
<journal-title><![CDATA[Lecturas de Economía]]></journal-title>
<abbrev-journal-title><![CDATA[Lect. Econ.]]></abbrev-journal-title>
<issn>0120-2596</issn>
<publisher>
<publisher-name><![CDATA[Universidad de Antioquia]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0120-25962006000200002</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[La experiencia colombiana bajo un régimen de flotación controlada del tipo de cambio: el papel de las intervenciones cambiarias]]></article-title>
<article-title xml:lang="en"><![CDATA[Colombian Experience under a Controlled Float of the Exchange Rate: The Role of Bank Interventions]]></article-title>
<article-title xml:lang="fr"><![CDATA[Une analyse des facteurs associés a la désertion et à la réussite scolaire dans les universités]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Hernández Monsalve]]></surname>
<given-names><![CDATA[Mauricio A]]></given-names>
</name>
<xref ref-type="aff" rid="A01"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Mesa]]></surname>
<given-names><![CDATA[Ramón Javier]]></given-names>
</name>
<xref ref-type="aff" rid="A02"/>
</contrib>
</contrib-group>
<aff id="A01">
<institution><![CDATA[,Universidad Pontificia Bolivariana Escuela de Ciencias Estratégicas ]]></institution>
<addr-line><![CDATA[Medellín ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="A02">
<institution><![CDATA[,Universidad Nacional de Colombia Escuela de Economía ]]></institution>
<addr-line><![CDATA[Medellín ]]></addr-line>
<country>Colombia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>07</month>
<year>2006</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>07</month>
<year>2006</year>
</pub-date>
<numero>65</numero>
<fpage>37</fpage>
<lpage>71</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0120-25962006000200002&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0120-25962006000200002&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0120-25962006000200002&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[El comportamiento de la política colombiana de los últimos años, asociado con el conjunto de intervenciones ejercidas en el mercado de divisas, es el hecho estilizado que motivó este estudio. El objetivo de éste es medir el tamaño relativo de las intervenciones cambiarias durante 2004 y 2006, período de revaluación del peso, y calcular su efectividad en cuanto a los efectos sobre la media y la varianza de la tasa de cambio nominal. La determinación del tipo de cambio por medio de un modelo de balance de portafolio y el uso de índices de intervención en el mercado de divisas demuestran que las intervenciones del Banco de la República con miras a defender el régimen de flotación controlada, han tenido efectos pequeños y transitorios en el nivel y la varianza del tipo de cambio.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[The behavior of Colombian politics over recent years, associated to the set of interventions on the exchange market, is the stylized fact that motivated this study. The objective is to measure the relative size of currency exchange interventions during 2004 and 2006, a period of appreciation of the peso, and to calculate its effectiveness regarding the effects over the mean and variance of the nominal exchange rate. The determination of the exchange rate through a portfolio balance model and the use of currency exchange market intervention indexes show that interventions of the Central Bank seeking to protect the controlled floating regime have had small and transitory effects on the level and variance of the exchange rate.]]></p></abstract>
<abstract abstract-type="short" xml:lang="fr"><p><![CDATA[L' un des fait stylisés de la politique économique colombienne des dernières années est son intervention sur le marché des devises. Dans ce contexte, l' objectif de cet article consiste, d' une part, à mesurer le poids relatif de ces interventions entre les années 2004 et 2006 car il s' agit d' une période d' appréciation du peso colombien et, d' autre part, à calculer l' efficacité de ces interventions sur la médiane et la variance du taux de change nominal. La détermination du taux de change à travers un modèle de balance de portefeuille et l' utilisation d' indices d' intervention dans le marché de devises, montre le rôle joué par la Banque Centrale (Banco de la Republica) lorsque celle-ci cherche à défendre un taux de change flottant contrôlé. Nous montrons que les interventions ont eu des effets moindres et transitoires dans le niveau et dans la variance du taux de change.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[intervenciones estilizadas]]></kwd>
<kwd lng="es"><![CDATA[régimen cambiario]]></kwd>
<kwd lng="es"><![CDATA[flotación controlada]]></kwd>
<kwd lng="es"><![CDATA[mercado cambiario]]></kwd>
<kwd lng="es"><![CDATA[tipo de cambio]]></kwd>
<kwd lng="es"><![CDATA[modelo de portafolio]]></kwd>
<kwd lng="en"><![CDATA[stylized interventions]]></kwd>
<kwd lng="en"><![CDATA[exchange regime]]></kwd>
<kwd lng="en"><![CDATA[dirty float]]></kwd>
<kwd lng="en"><![CDATA[exchange market]]></kwd>
<kwd lng="en"><![CDATA[exchange rate]]></kwd>
<kwd lng="en"><![CDATA[portfolio model]]></kwd>
<kwd lng="fr"><![CDATA[Interventions de la Banque Centrale]]></kwd>
<kwd lng="fr"><![CDATA[régime de change]]></kwd>
<kwd lng="fr"><![CDATA[marché des devises]]></kwd>
<kwd lng="fr"><![CDATA[taux de change flottant contrôle]]></kwd>
<kwd lng="fr"><![CDATA[taux de change modèles de portefeuille]]></kwd>
</kwd-group>
</article-meta>
</front><body><![CDATA[  ]]></body><back>
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