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Un análisis de la credibilidad y del comportamiento de las bandas unilaterales de los tipos de cambio en México y Chile

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Author Info

  • Raúl A. Feliz

    (Investigador, CIDE. México, D.F. Mexico.)

  • John H. Welch

    (Investigador. Federal Reserve Bank of Dallas. Dallas, Texas. USA.)

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    Abstract

    The purpose of this study is to gauge the performance of unilateral target zones arrangements in two Latin American countries, Mexico and Chile. In doing so we look at the institutional and historical evolution of these exchange rate regimes. We then deal with performance in a more formal fashion by looking at the stochastic behavior of the exchange rates and the credibility of the target zones using techniques developed by Svensson (1991) and Chen and Giovannini (1992a, 1992b, and 1993). The results indicate both the Chilean and Mexican arrangements have been credible.

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    File URL: http://www.economiamexicana.cide.edu/num_anteriores/III-1/01_FELIZ_5-30.pdf
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    Bibliographic Info

    Article provided by in its journal Economia Mexicana NUEVA EPOCA.

    Volume (Year): III (1994)
    Issue (Month): 1 (January-June)
    Pages: 5-30

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    Handle: RePEc:emc:ecomex:v:3:y:1994:i:1:p:5-30

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    Cited by:
    1. Arturo José Galindo, . "Estimating Credibility in Colombia's Exchange Rate Target Zone," Borradores de Economia, Banco de la Republica de Colombia 103, Banco de la Republica de Colombia.

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