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The credibility and performance of unilateral target zones: a comparison of the Mexican and Chilean cases

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  • Raul A. Feliz
  • John H. Welch
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    File URL: http://dallasfed.org/assets/documents/research/papers/1993/wp9331.pdf
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    Paper provided by Federal Reserve Bank of Dallas in its series Research Paper with number 9331.

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    Date of creation: 1993
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    Handle: RePEc:fip:feddrp:9331

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    Keywords: Foreign exchange rates ; Mexico ; Latin America;

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    1. Krugman, Paul & Miller, Marcus, 1993. "Why have a target zone?," Carnegie-Rochester Conference Series on Public Policy, Elsevier, Elsevier, vol. 38(1), pages 279-314, June.
    2. Lars E. O. Svensson, 1992. "An Interpretation of Recent Research on Exchange Rate Target Zones," Journal of Economic Perspectives, American Economic Association, vol. 6(4), pages 119-144, Fall.
    3. Dumas, B. & Svensson, L.E.O., 1991. "How Long do Unilateral Target Zones last?," Weiss Center Working Papers, Wharton School - Weiss Center for International Financial Research 1991-2, Wharton School - Weiss Center for International Financial Research.
    4. Svensson, Lars E O, 1992. "Why Exchange Rate Bands? Monetary Independence in Spite of Fixed Exchange Rates," CEPR Discussion Papers, C.E.P.R. Discussion Papers 742, C.E.P.R. Discussion Papers.
    5. Helpman, E. & Leiderman, L., 1992. "Israel's Exchange Rate Band," Papers, Tel Aviv 17-92, Tel Aviv.
    6. Meese, Richard A & Rose, Andrew K, 1991. "An Empirical Assessment of Non-linearities in Models of Exchange Rate Determination," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 58(3), pages 603-19, May.
    7. Dornbusch, Rudiger & Fischer, Stanley, 1991. "Moderate inflation," Policy Research Working Paper Series 807, The World Bank.
    8. Zhaohui Chen & Alberto Giovannini, 1993. "The Determinants of Realignment Expectations Under the EMS: Some Empirical Regularities," NBER Working Papers 4291, National Bureau of Economic Research, Inc.
    9. Chen, Zhaohui & Giovannini, Alberto, 1993. "The Determinants of Realignment Expectations Under the EMS - Some Empirical Regularities," CEPR Discussion Papers, C.E.P.R. Discussion Papers 790, C.E.P.R. Discussion Papers.
    10. repec:fth:coluec:460 is not listed on IDEAS
    11. Bertola, Giuseppe & Svensson, Lars E O, 1993. "Stochastic Devaluation Risk and the Empirical Fit of Target-Zone Models," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 60(3), pages 689-712, July.
    12. Hansen, Lars Peter & Hodrick, Robert J, 1980. "Forward Exchange Rates as Optimal Predictors of Future Spot Rates: An Econometric Analysis," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 88(5), pages 829-53, October.
    13. Bertola, Giuseppe & Caballero, Ricardo, 1990. "Target Zones and Realignments," CEPR Discussion Papers, C.E.P.R. Discussion Papers 398, C.E.P.R. Discussion Papers.
    14. repec:fth:pennfi:1991-2 is not listed on IDEAS
    15. Lars E.O. Svensson, 1991. "Assessing Target Zone Credibility: Mean Reversion and Devaluation Expectations in the ERM 1979-1992," NBER Working Papers 3795, National Bureau of Economic Research, Inc.
    16. Krugman, Paul R, 1991. "Target Zones and Exchange Rate Dynamics," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 106(3), pages 669-82, August.
    17. Maurice Obstfeld & Robert E. Cumby & John Huizinga, 1983. "Two-Step Two-Stage Least Squares Estimation in Models with Rational Expectations," NBER Technical Working Papers 0011, National Bureau of Economic Research, Inc.
    18. Chen, Zhaohui & Giovannini, Alberto, 1992. "Target zones and the distribution of exchange rates: An estimation method," Economics Letters, Elsevier, Elsevier, vol. 40(1), pages 83-89, September.
    19. Donald J. Mathieson & Robert P. Flood & Andrew K. Rose, 1991. "An Empirical Exploration of Exchange Rate Target-Zones," IMF Working Papers 91/15, International Monetary Fund.
    20. Meese, Richard A & Rose, Andrew K, 1990. "Nonlinear, Nonparametric, Nonessential Exchange Rate Estimation," American Economic Review, American Economic Association, American Economic Association, vol. 80(2), pages 192-96, May.
    21. Zhaohui Chen & Alberto Giovannini, 1992. "Estimating Expected Exchange Rates Under Target Zones," NBER Working Papers 3955, National Bureau of Economic Research, Inc.
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