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Un análisis de la credibilidad y del comportamiento de las bandas unilaterales de los tipos de cambio en México y Chile

Author

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  • Raúl A. Feliz

    (Investigador, CIDE. México, D.F. Mexico.)

  • John H. Welch

    (Investigador. Federal Reserve Bank of Dallas. Dallas, Texas. USA.)

Abstract

The purpose of this study is to gauge the performance of unilateral target zones arrangements in two Latin American countries, Mexico and Chile. In doing so we look at the institutional and historical evolution of these exchange rate regimes. We then deal with performance in a more formal fashion by looking at the stochastic behavior of the exchange rates and the credibility of the target zones using techniques developed by Svensson (1991) and Chen and Giovannini (1992a, 1992b, and 1993). The results indicate both the Chilean and Mexican arrangements have been credible.

Suggested Citation

  • Raúl A. Feliz & John H. Welch, 1994. "Un análisis de la credibilidad y del comportamiento de las bandas unilaterales de los tipos de cambio en México y Chile," Economía Mexicana NUEVA ÉPOCA, CIDE, División de Economía, vol. 0(1), pages 5-30, January-J.
    • Handle: RePEc:emc:ecomex:v:3:y:1994:i:1:p:5-30
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