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El Dólar Como Activo Financiero: Teoría y Evidencia Chilena

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  • Fernando Lefort
  • Eduardo Walker

Abstract

The exchange rate can be seen as the price that equalizes the present value of expected future exports to the present value of expected future imports and debt payments. In that context, foreign exchange must behave as an asset price. In this paper we dev

Suggested Citation

  • Fernando Lefort & Eduardo Walker, 1999. "El Dólar Como Activo Financiero: Teoría y Evidencia Chilena," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 36(109), pages 1035-1066.
    • Handle: RePEc:ioe:cuadec:v:36:y:1999:i:109:p:1035-1066
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    File URL: http://www.economia.uc.cl/docs/109lefoa.pdf
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    References listed on IDEAS

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    13. Frankel, Jeffrey A. & Rose, Andrew K., 1995. "Empirical research on nominal exchange rates," Handbook of International Economics, in: G. M. Grossman & K. Rogoff (ed.), Handbook of International Economics, edition 1, volume 3, chapter 33, pages 1689-1729, Elsevier.
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    Cited by:

    1. Miranda, Jorge, 2012. "Tipo de Cambio Real en Chile: Dinámica, Tendencia y Equilibrio [Real Exchange Rate in Chile: Dynamics, Trend and Equilibrium]," MPRA Paper 43076, University Library of Munich, Germany.
    2. Walker, Eduardo, 2008. "Strategic currency hedging and global portfolio investments upside down," Journal of Business Research, Elsevier, vol. 61(6), pages 657-668, June.

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    More about this item

    Keywords

    Exchange rates; asset pricing; Chile;
    All these keywords.

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates

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