The Impact of Exchange Rate Regime on Interest Rates in Latin America

dc.creatorDuburcq,Caroline
dc.date2010-05-01
dc.date.accessioned2017-03-07T16:27:06Z
dc.date.available2017-03-07T16:27:06Z
dc.identifierhttp://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0717-68212010000100004
dc.identifier.urihttp://repositorioslatinoamericanos.uchile.cl/handle/2250/401845
dc.descriptionWe develop a theoretical framework to study the impact of the exchange rate regime in the interest rate determination. Using VECM, we assess the role of both domestic conditions and US factors in the determination of eight Latin-American countries interest rates between February 1998 and April 2009. Three countries have hard-peg while the remaining five follow alternative regimes. The long and short-run determinants of domestic rates as well as an impulse response analysis prove that economies with rigidly-fixed exchange rates do not bear a loss of monetary autonomy substantially higher than that of floating-rate economies, with the exception of Brazil.
dc.formattext/html
dc.languageen
dc.publisherInstituto de Economía, Pontificia Universidad Católica de Chile
dc.sourceCuadernos de economía v.47 n.135 2010
dc.subjectInterest Rate Determination
dc.subjectExchange Rate Regime
dc.subjectVector Error Correction Models
dc.titleThe Impact of Exchange Rate Regime on Interest Rates in Latin America
dc.typeArtículos de revistas


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