An agnostic assessment of real exchange rate dynamics in LATAM

This paper investigates the dynamics of multilateral real effective exchange rates (RER) using a panel data set of 19 Latin American countries for the last 45 years. Our results do not support the PPP, so real shocks tend to have permanent effects. Using non-stationary panel econometrics, our estima...

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Autores principales: Carrera, Jorge Eduardo, Restout, Romain, Sardi, Mariano
Formato: Objeto de conferencia
Lenguaje:Inglés
Publicado: 2016
Materias:
Ciencias Económicas
Equilibrium Real Exchange Rate
Panel Unit Roots
Panel Cointegration
Latin America
Acceso en línea:http://sedici.unlp.edu.ar/handle/10915/170423
Aporte de:
SEDICI (UNLP) de Universidad Nacional de La Plata
id I19-R120-10915-170423
record_format dspace
spelling I19-R120-10915-1704232024-09-20T20:44:40Z http://sedici.unlp.edu.ar/handle/10915/170423 An agnostic assessment of real exchange rate dynamics in LATAM Carrera, Jorge Eduardo Restout, Romain Sardi, Mariano 2016-11 2016 2024-09-20T13:48:36Z en Ciencias Económicas Equilibrium Real Exchange Rate Panel Unit Roots Panel Cointegration Latin America This paper investigates the dynamics of multilateral real effective exchange rates (RER) using a panel data set of 19 Latin American countries for the last 45 years. Our results do not support the PPP, so real shocks tend to have permanent effects. Using non-stationary panel econometrics, our estimations show that: a) terms of trade, productivity, capital flows, government spending and net foreign assets exhibit strong relationships with RER; b) exchange rate regimes are not neutral and c) the subsamples regressions are consistent. Finally, we discuss the causes of the persistent overvaluation that the region has experienced in the 2000’s. Facultad de Ciencias Económicas Objeto de conferencia Objeto de conferencia http://creativecommons.org/licenses/by-nc-sa/4.0/ Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International (CC BY-NC-SA 4.0) application/pdf
institution Universidad Nacional de La Plata
institution_str I-19
repository_str R-120
collection SEDICI (UNLP)
language Inglés
topic Ciencias Económicas
Equilibrium Real Exchange Rate
Panel Unit Roots
Panel Cointegration
Latin America
spellingShingle Ciencias Económicas
Equilibrium Real Exchange Rate
Panel Unit Roots
Panel Cointegration
Latin America
Carrera, Jorge Eduardo
Restout, Romain
Sardi, Mariano
An agnostic assessment of real exchange rate dynamics in LATAM
topic_facet Ciencias Económicas
Equilibrium Real Exchange Rate
Panel Unit Roots
Panel Cointegration
Latin America
description This paper investigates the dynamics of multilateral real effective exchange rates (RER) using a panel data set of 19 Latin American countries for the last 45 years. Our results do not support the PPP, so real shocks tend to have permanent effects. Using non-stationary panel econometrics, our estimations show that: a) terms of trade, productivity, capital flows, government spending and net foreign assets exhibit strong relationships with RER; b) exchange rate regimes are not neutral and c) the subsamples regressions are consistent. Finally, we discuss the causes of the persistent overvaluation that the region has experienced in the 2000’s.
format Objeto de conferencia
Objeto de conferencia
author Carrera, Jorge Eduardo
Restout, Romain
Sardi, Mariano
author_facet Carrera, Jorge Eduardo
Restout, Romain
Sardi, Mariano
author_sort Carrera, Jorge Eduardo
title An agnostic assessment of real exchange rate dynamics in LATAM
title_short An agnostic assessment of real exchange rate dynamics in LATAM
title_full An agnostic assessment of real exchange rate dynamics in LATAM
title_fullStr An agnostic assessment of real exchange rate dynamics in LATAM
title_full_unstemmed An agnostic assessment of real exchange rate dynamics in LATAM
title_sort agnostic assessment of real exchange rate dynamics in latam
publishDate 2016
url http://sedici.unlp.edu.ar/handle/10915/170423
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