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Interest Rates in Mexico - The Role of Exchange Rate Expectations and International Creditworthiness

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  • Hoe Ee Khor
  • Liliana Rojas-Suárez

Abstract

The link is explored between interest rates on domestic financial assets in Mexico and expectations of exchange rate changes and perceptions about default risks contained in Mexico's external debt. Interest rate differentials between peso- and U.S. dollar-denominated assets are shown to have reflected concerns about the exchange rate policy during the period considered. The evidence also suggests that the interest rate on a U.S. dollardenominated Mexican domestic asset is linked to the yield implicit in the secondary market price for external debt issued by Mexico.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 91/12.

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Length: 38
Date of creation: 01 Jan 1991
Date of revision:
Handle: RePEc:imf:imfwpa:91/12

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Cited by:
  1. Kaminsky, Graciela L. & Leiderman, Leonardo, 1998. "High real interest rates in the aftermath of disinflation: is it a lack of credibility?," Journal of Development Economics, Elsevier, vol. 55(1), pages 191-214, February.

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