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The credibility of the Venezuela crawling-band system

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Author Info
CAMPOS, María I. ()
TORRES, José L. ()
VILLEGAS, Esmeralda ()

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Abstract

This paper studies the credibility of the Venezuela crawling-band exchange rate regime during the period July, 1996-February, 2002. We show that, introducing some modifications, the credibility analysis widely applied to target zone regimes can also be used in studying the credibility of crawling- band regimes. In analyzing the credibility of the Venezuela crawling band, first we use the so-called simple credibility tests developed by Svensson (1991). Additionally, we estimate the expected rate of realignment using the drift- adjustment method. Both the credibility tests and the drift-adjustment method give similar results, showing that the crawling-band system was highly credible during the period.

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Article provided by UNIVERSIDAD DEL ROSARIO - FACULTAD DE ECONOMÍA in its journal REVISTA DE ECONOMÍA DEL ROSARIO.

Volume (Year): (2006)
Issue (Month): ()
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Handle: RePEc:col:000151:003580

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  1. Bertola, Giuseppe & Svensson, Lars E O, 1993. "Stochastic Devaluation Risk and the Empirical Fit of Target-Zone Models," Review of Economic Studies, Blackwell Publishing, vol. 60(3), pages 689-712, July. [Downloadable!] (restricted)
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  2. Svensson, Lars E O, 1991. "The Simplest Test of Target Zone Credibility," CEPR Discussion Papers 493, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  3. Hughes, Jenny & Hurley, Margaret, 1994. "Simple Tests of Target Zones: The Irish Case," Applied Economics, Taylor and Francis Journals, vol. 26(8), pages 757-63, August.
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