Spanish Abstract: Este artículo analiza desde el enfoque monetarista la propuesta de crear una nueva moneda en el Mercado Común del Sur (MERCOSUR) como opción para recuperar el dinamismo observado en la década precedente. La hipótesis sugiere que la creación de una nueva moneda es deseable...

In this paper we apply three different statistical procedures to the peseta/dollar exchange rate with the objective of discovering the true foreign exchange regime followed by the monetary authorities during the 1965-1998 period. The study´s perspective emphasizes the divergence between de jure...

Currencies in developing countries are not freely convertible; they show higher inflation and volatility levels and show periods of sharp appreciation and depreciation. These characteristics not only are a challenge for economic authorities, but also call attention to their ability to fully...

Las monedas locales de los países en vías de desarrollo, además de no ser librementeconvertibles a nivel internacional, suelen experimentar niveles de inflación superiores ymás volátiles, al tiempo que tienden a sufrir periodos de fuerte apreciación y depreciación.Estas bien conocidas...

Las monedas locales de los países en vías de desarrollo, además de no ser libremente convertibles a nivel internacional, suelen experimentar niveles de inflación superiores y más volátiles, al tiempo que tienden a sufrir periodos de fuerte apreciación y depreciación. Estas bien conocidas...

In recent years, Bolivia has accumulated a significant level of international reserves due to favorable external environment and the exchange rate regimen (crawling peg). In this context arises the question of: Which one is the optimal level of international reserves? According to the...

This paper estimates the magnitude of the exchange rate pass-through to consumer prices in Mexico. Moreover, it analyzes if the pass-through dynamics have changed in recent years. In particular, it uses a methodology that generates results consistent with the hierarchy implicit in the CPI. The...

This paper analyzes the pass-through of exchange rate to different price indexes in Mexico. The analysis is based on a vector autoregressive model (VAR) using monthly data from January 1997 to December 2010. The pass-through effects are calculated by means of accumulated impulse response...

This paper analyzes the exchange rate pass through to consumer prices in Mexico using different methodologies. First, we estimate Vector Autoregressive Models (VAR). Subsequently, we estimate Autoregressive Distributed Lags Models (ARDL) in order to make a long run analysis. In particular, we...

Dornbusch’s exchange rate overshooting hypothesis (1976) is a central building block in international macroeconomics. This paper analyzes the effects of monetary and other macroeconomic shocks on the real exchange rate in the case of a small economy like Argentina. The paper uses SVAR models...