Determinantes del tipo real de cambio en la Argentina: una aproximación empírica (1961-2014)

This paper estimates a long run behavioral equilibrium real effective exchange rate in Argentina. The econometric analysis estimates a vector error correction model. Regression results show that the significant variables to explain the long-run behavior of the real effective exchange rate are gove...

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Detalles Bibliográficos
Autores principales: Dabós, Marcelo, Espert, José Luis, Vignoli, Guido
Formato: Working Paper
Lenguaje:Español
Publicado: Universidad de Belgrano - Escuela de Posgrado en Negocios 2015
Materias:
Argentina
tipo de cambio real multilateral
equilibrio
apreciación
depreciación
gasto público
términos de intercambio
multilateral real change
balance
appreciation
depreciation
public spending
terms of trade
Acceso en línea:http://repositorio.ub.edu.ar/handle/123456789/5663
Aporte de:
Repositorio Institucional - Universidad de Belgrano (UB) de Universidad de Belgrano
Descripción
Sumario:This paper estimates a long run behavioral equilibrium real effective exchange rate in Argentina. The econometric analysis estimates a vector error correction model. Regression results show that the significant variables to explain the long-run behavior of the real effective exchange rate are government expenditures and terms of trade. The coefficients of the fundamentals in the model are used to identify episodes of overvaluation and undervaluation of the real effective exchange rate. On the basis of the fundamentals, the real effective exchange rate in 2014 of Argentina was found to be significantly appreciated with respect to the estimated equilibrium level.

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