IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Log in (now much improved!) to save this article

Determinantes de la elección del régimen cambiario en América Latina: una aproximación a un modelo logit multinomial mixto

Listed author(s):
  • Pedro Álvarez Ondina

    (Departamento de Investigación de Bankia, Madrid, Spain)

  • José Luis Pérez Rivero

    (Departamento de Economía Aplicada, Universidad de Oviedo, Spain)

  • Saúl de Vicente Queijeir

    (Departamento de Economía Aplicada, Universidad de Oviedo, Spain)

  • María Rosalía Vicente Cuervo

    (Departamento de Economía Aplicada, Universidad de Oviedo, Spain)

The choice of the exchange rate regime is one of the most significant monetary policy decisions that any economic authority has to make nowadays. Indeed, there have been many studies from a theoretical and empirical point of view, but the only common conclusion would be the lack of consensus. In the past this topic has been modeled by binary probit or cross-sectional multinomial logit models, both of which have weaknesses in the assumptions of the choices. In this paper, such issue is faced by means of a panel mixed multinomial logit model, which allows for substitution pattern among the three types of exchange rate regimes: fixed, intermediate, and flexible. Three types of choice determinants are explored: those stated by the Optimum Currency Area (OCA) theory, types of shocks and vulnerability to currency crises, using a sample of 21 Latin American countries over the period 1980-2004.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://apps.elsevier.es/watermark/ctl_servlet?_f=10&pident_articulo=90029313&pident_usuario=0&pcontactid=&pident_revista=329&ty=36&accion=L&origen=zonadelectura&web=zl.elsevier.es&lan=en&fichero=329v34n95a90029313pdf001.pdf
Download Restriction: no

Article provided by ELSEVIER in its journal Cuadernos de Economía.

Volume (Year): 34 (2011)
Issue (Month): 95 (Agosto)
Pages: 55-61

as
in new window

Handle: RePEc:cud:journl:v:34:y:2011:i:95:p:55-61
Contact details of provider: Postal:
Asociación Cuadernos de Economía Elsevier España, S.L. José Abascal, 45, planta 3ª 28003 Madrid

No references listed on IDEAS
You can help add them by filling out this form.

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:cud:journl:v:34:y:2011:i:95:p:55-61. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Raquel Llorente-Heras)

or ()

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.