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El tipo de cambio propio: reformulación del concepto y estimación para el caso español

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  • Jose de Hevia Payá

    (Instituto Complutense de Análisis Económico. Universidad Complutense Campus de Somosaguas. Madrid.)

Abstract

En este artículo se profundiza en la formulación del concepto de tipo de cambio propio (TCP) y se afronta su estimación para el caso español durante los años 80. El TCP de una economía se define como una media geométrica ponderada de tipos de cambio nominales, cuyas tasas de variación son ortogonales, en el sentido contemporáneo, a las tasas de variación de los tipos de cambio cruzados. Esta propiedad dota al TCP de relevancia en el análisis de la política cambiaria y permite además descomponer las tasas de variación de cualquier tipo de cambio de la economía para la que se define el TCP, en dos componentes ortogonales entre sí, cuyo análisis es relevante para explicar y comprender la evolución de dichas tasas de variación.

Suggested Citation

  • Jose de Hevia Payá, 1993. "El tipo de cambio propio: reformulación del concepto y estimación para el caso español," Documentos de Trabajo del ICAE 9305, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Instituto Complutense de Análisis Económico.
    • Handle: RePEc:ucm:doicae:9305
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    References listed on IDEAS

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    1. Levich, Richard M., 1985. "Empirical studies of exchange rates: Price behavior, rate determination and market efficiency," Handbook of International Economics, in: R. W. Jones & P. B. Kenen (ed.), Handbook of International Economics, edition 1, volume 2, chapter 19, pages 979-1040, Elsevier.
    2. José de Hevia Paya, 1991. "Cuantificación de la importancia relativa del tipo de cambio peseta-marco en la política cambiaria española," Investigaciones Economicas, Fundación SEPI, vol. 15(3), pages 645-670, September.
    3. Hsieh, David A., 1988. "The statistical properties of daily foreign exchange rates: 1974-1983," Journal of International Economics, Elsevier, vol. 24(1-2), pages 129-145, February.
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