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Volatilidad del tipo de cambio y tasas de interés en México: 1996-2001

Listed author(s):
  • Moisés J. Schwartz


    (Secretaría de Hacienda y Crédito Público)

  • Alfredo Tijerina


    (Secretaría de Hacienda y Crédito Público)

  • Leonardo Torre


    (Secretaría de Hacienda y Crédito Público)

Registered author(s):

    It is argued that in Mexico there is not a fear of floating in the Calvo-Reinhart sense and that the market, as a result of the monetary policy instrument (corto), has determined a reatively stable exchange rate and more volatile interest rates. Thus, thé instantaneous interest rate response to exogenous shocks limits the exchange rate role as a buffer to the referred disturbances. Empirical evidence shows that explicit interest rate targets result in higher exchange rate volatility and lower interest rate variability.

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    Article provided by in its journal Economia Mexicana NUEVA EPOCA.

    Volume (Year): XI (2002)
    Issue (Month): 2 (July-December)
    Pages: 299-331

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    Handle: RePEc:emc:ecomex:v:11:y:2002:i:2:p:299-331
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