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

Author

Listed:
  • 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)

Abstract

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.

Suggested Citation

  • Moisés J. Schwartz & Alfredo Tijerina & Leonardo Torre, 2002. "Volatilidad del tipo de cambio y tasas de interés en México: 1996-2001," Economía Mexicana NUEVA ÉPOCA, CIDE, División de Economía, vol. 0(2), pages 299-331, July-Dece.
    • Handle: RePEc:emc:ecomex:v:11:y:2002:i:2:p:299-331
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    File URL: http://www.economiamexicana.cide.edu/num_anteriores/XI-2/03_MOISES_SCHWARTZ.pdf
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