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El mercado cambiario y los contenidos en la prensa: un analisis empírico

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  • J. Daniel Aromi

Abstract

The links between the foreign Exchange market and the attention level allocated in a newspaper are analyzed. The evidence shows that higher values for the lagged attention index are associated to a lower level of mean devaluation and to higher volatility levels. These links are stronger in times of high volatility. Beyond linear associations, the attention index is found to have high predictive value for large variations in the exchange rate. The documented patterns are consistent with instances of exchange rate overreaction and with the coordination of actions through public signals

Suggested Citation

  • J. Daniel Aromi, 2014. "El mercado cambiario y los contenidos en la prensa: un analisis empírico," Estudios Economicos, Universidad Nacional del Sur, Departamento de Economia, vol. 31(63), pages 3-23, july-dece.
    • Handle: RePEc:uns:esteco:v:31:y:2014:i:63:p:3-23
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    File URL: http://revistas.uns.edu.ar/ee/article/view/741/419
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    References listed on IDEAS

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    More about this item

    Keywords

    tipo de cambio; atención; medios de comunicación;
    All these keywords.

    JEL classification:

    • G02 - Financial Economics - - General - - - Behavioral Finance: Underlying Principles
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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