Cuasi paridad del poder adquisitivo: cambio estructural en el tipo de cambio real peso mexicano / dólar estadounidense
This paper analyzes whether the real exchange-rate of the Mexican peso/US dollar revert to a long-run equilibrium value, and whether this value is unique. We use a method for testing stationarity, that allows for an unknown number of structural breaks in the level of the series. Using a long span of...
| Auteurs principaux: | , |
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| Format: | Online |
| Langue: | anglais |
| Éditeur: |
El Colegio de México, A.C.
2003
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| Sujets: | |
| Accès en ligne: | https://estudioseconomicos.colmex.mx/index.php/economicos/article/view/183 |
| Institution: |
Estudios Económicos |
| Résumé: | This paper analyzes whether the real exchange-rate of the Mexican peso/US dollar revert to a long-run equilibrium value, and whether this value is unique. We use a method for testing stationarity, that allows for an unknown number of structural breaks in the level of the series. Using a long span of annual data covering the period 1925-1994, our results provide evidence favoring long-run Quasi-Purchasing Power Parity. In particular, we find that the real peso/dollar exchange rate has fluctuated stationarily around a 70 year long-run level, perturbed by a series of events, both domestic and external, in or around 1981. |
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