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Regímenes cambiarios de iure y de facto. El caso de la Peseta/Dólar, 1965-1998

Author

Listed:
  • Francisco J. Ledesma-Rodríguez

    (Universidad de La Laguna)

  • Manuel Navarro-Ibáñez

    (Universidad de La Laguna)

  • Jorge V. Pérez-Rodríguez

    (Universidad de Las Palmas de Gran Canaria)

  • Simón Sosvilla-Rivero

    (FEDEA y Universidad Complutense de Madrid)

Abstract

In this paper we apply three different statistical procedures to the peseta/dollar exchange rate with the objective of discovering the true foreign exchange regime followed by the monetary authorities during the 1965-1998 period. The study´s perspective emphasizes the divergence between de jure and de facto exchange regimes. The results seem to imply that the peseta, as well as other currencies, did not exhibit the floating regime that de jure had in relation to the US dollar in the last three decades of its existence. On the contrary, the peseta/dollar exchange rate moved within rather narrow fluctuation bands during those years.

Suggested Citation

  • Francisco J. Ledesma-Rodríguez & Manuel Navarro-Ibáñez & Jorge V. Pérez-Rodríguez & Simón Sosvilla-Rivero, 2005. "Regímenes cambiarios de iure y de facto. El caso de la Peseta/Dólar, 1965-1998," Working Papers 05-03, Asociación Española de Economía y Finanzas Internacionales.
  • Handle: RePEc:aee:wpaper:0503
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    References listed on IDEAS

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    More about this item

    Keywords

    Foreign exchange regime; fluctuation bands; fixed and floating exchange rates; peseta/dollar exchange rate.;

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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