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An Alternative Theory For Exchange Rate Determination

Author

Listed:
  • Leonardo Fernando Cruz Basso

    (Mackenzie Presbyterian University)

Abstract

¿Por qué el dinero debe tener algún valor? Este es uno de esos enigmas que los economistas teóricos se plantean a sí mismos. Es todavía más misterioso el valor relativo (tipo de cambio) entre dos monedas distintas, ninguna de las cuales tienen valor intrínseco. Dado que el dinero es creado por los gobiernos, no es sorprendente encontrar algún tipo de regulación para que éste funcione. Mi propuesta determina el valor relativo (tipo de cambio) entre monedas distintas con base en el concepto de valor del dinero formulado por Rudolf Hilferding (1981). El valor del dinero es definido como la razón entre el Producto Interno Bruto (PIB) y el número de horas para producirlo. El tipo de cambio se define entonces como la razón entre los valores del dinero de dos países. La contribución de este enfoque es que tanto los precios como la productividad están presentes en el modelo, en contraste con la Teoría de la Paridad de Poder de Compra (PPP), donde la productividad es incluida en los precios.

Suggested Citation

  • Leonardo Fernando Cruz Basso, 2002. "An Alternative Theory For Exchange Rate Determination," Remef - Revista Mexicana de Economía y Finanzas Nueva Época REMEF (The Mexican Journal of Economics and Finance), Instituto Mexicano de Ejecutivos de Finanzas, IMEF, vol. 1(2), pages 143-151, Junio 200.
    • Handle: RePEc:imx:journl:v:1:y:2002:i:2:p:143-151
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    References listed on IDEAS

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    2. Duncan K. Foley, 1982. "The Value of Money the Value of Labor Power and the Marxian Transformation Problem," Review of Radical Political Economics, Union for Radical Political Economics, vol. 14(2), pages 37-47, June.
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    More about this item

    Keywords

    Foreign exchange; Money demand; Labor theory of value; Productivity;
    All these keywords.

    JEL classification:

    • F37 - International Economics - - International Finance - - - International Finance Forecasting and Simulation: Models and Applications
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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