Validación empírica de la PPA para Argentina en el periodo 1943-2015
Argentina is presented as a case where the theory of the Purchasing Power Parity holds. The price indices of Argentina and United States serve as determinants of the dynamics of the Nominal Exchange Rate in the long run. Through a vector error correction model it is determined that the Argentinean...
Guardado en:
| Autor principal: | |
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| Formato: | Working Paper |
| Lenguaje: | Español |
| Publicado: |
Universidad de Belgrano - Centro de Estudios en Negocios, Finanzas, Economía y Marketing (CENFEM) - Escuela de Posgrado en Negocios
2016
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| Acceso en línea: | http://repositorio.ub.edu.ar/handle/123456789/6867 |
| Aporte de: |
| Sumario: | Argentina is presented as a case where the theory of the Purchasing Power Parity holds. The price
indices of Argentina and United States serve as determinants of the dynamics of the Nominal Exchange
Rate in the long run. Through a vector error correction model it is determined that the Argentinean prices
are the main variable in the peso-dollar relationship. By studying the period from 1943 to 2015 it concluded
that during the 61% of that period Argentina was with exchange rate appreciation, ending in 2015 with an
average of 38%. With the ending of the “cepo cambiario” period and the devaluation on December 2015,
the appreciation was of 8,84%. Shocks on the exchange rate tend to disappear, although the adjustment
of the misalignment is faster in nominal terms than in real. |
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