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


  • 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.

Suggested Citation

  • Pedro Álvarez Ondina & José Luis Pérez Rivero & Saúl de Vicente Queijeir & María Rosalía Vicente Cuervo, 2011. "Determinantes de la elección del régimen cambiario en América Latina: una aproximación a un modelo logit multinomial mixto," Cuadernos de Economía - Spanish Journal of Economics and Finance, Asociación Cuadernos de Economía, vol. 34(95), pages 55-61, Agosto.
  • Handle: RePEc:cud:journl:v:34:y:2011:i:95:p:55-61

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    Regímenes Cambiarios; Áreas Monetarias Óptimas; Crisis Cambiarias; Logit multinomial mixto;

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics


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