An agnostic assessment of real exchange rate dynamics in LATAM

Autores
Carrera, Jorge Eduardo; Restout, Romain; Sardi, Mariano
Año de publicación
2016
Idioma
inglés
Tipo de recurso
documento de conferencia
Estado
versión publicada
Descripción
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
Materia
Ciencias Económicas
Equilibrium Real Exchange Rate
Panel Unit Roots
Panel Cointegration
Latin America
Nivel de accesibilidad
acceso abierto
Condiciones de uso
http://creativecommons.org/licenses/by-nc-sa/4.0/
Repositorio
SEDICI (UNLP)
Institución
Universidad Nacional de La Plata
OAI Identificador
oai:sedici.unlp.edu.ar:10915/170423
Acceder
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network_name_str SEDICI (UNLP)
spelling An agnostic assessment of real exchange rate dynamics in LATAMCarrera, Jorge EduardoRestout, RomainSardi, MarianoCiencias EconómicasEquilibrium Real Exchange RatePanel Unit RootsPanel CointegrationLatin AmericaThis 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 Económicas2016-11info:eu-repo/semantics/conferenceObjectinfo:eu-repo/semantics/publishedVersionObjeto de conferenciahttp://purl.org/coar/resource_type/c_5794info:ar-repo/semantics/documentoDeConferenciaapplication/pdfhttp://sedici.unlp.edu.ar/handle/10915/170423enginfo:eu-repo/semantics/altIdentifier/isbn/978-987-28590-4-6info:eu-repo/semantics/altIdentifier/url/https://bd.aaep.org.ar/anales/works/works2016/carrera_restout.pdfinfo:eu-repo/semantics/altIdentifier/issn/1852-0022info:eu-repo/semantics/openAccesshttp://creativecommons.org/licenses/by-nc-sa/4.0/Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International (CC BY-NC-SA 4.0)reponame:SEDICI (UNLP)instname:Universidad Nacional de La Platainstacron:UNLP2025-10-15T11:35:11Zoai:sedici.unlp.edu.ar:10915/170423Institucionalhttp://sedici.unlp.edu.ar/Universidad públicaNo correspondehttp://sedici.unlp.edu.ar/oai/snrdalira@sedici.unlp.edu.arArgentinaNo correspondeNo correspondeNo correspondeopendoar:13292025-10-15 11:35:11.563SEDICI (UNLP) - Universidad Nacional de La Platafalse
dc.title.none.fl_str_mv An agnostic assessment of real exchange rate dynamics in LATAM
title An agnostic assessment of real exchange rate dynamics in LATAM
spellingShingle An agnostic assessment of real exchange rate dynamics in LATAM
Carrera, Jorge Eduardo
Ciencias Económicas
Equilibrium Real Exchange Rate
Panel Unit Roots
Panel Cointegration
Latin America
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 An agnostic assessment of real exchange rate dynamics in LATAM
dc.creator.none.fl_str_mv Carrera, Jorge Eduardo
Restout, Romain
Sardi, Mariano
author Carrera, Jorge Eduardo
author_facet Carrera, Jorge Eduardo
Restout, Romain
Sardi, Mariano
author_role author
author2 Restout, Romain
Sardi, Mariano
author2_role author
author
dc.subject.none.fl_str_mv Ciencias Económicas
Equilibrium Real Exchange Rate
Panel Unit Roots
Panel Cointegration
Latin America
topic Ciencias Económicas
Equilibrium Real Exchange Rate
Panel Unit Roots
Panel Cointegration
Latin America
dc.description.none.fl_txt_mv 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
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.
publishDate 2016
dc.date.none.fl_str_mv 2016-11
dc.type.none.fl_str_mv info:eu-repo/semantics/conferenceObject
info:eu-repo/semantics/publishedVersion
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dc.identifier.none.fl_str_mv http://sedici.unlp.edu.ar/handle/10915/170423
url http://sedici.unlp.edu.ar/handle/10915/170423
dc.language.none.fl_str_mv eng
language eng
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info:eu-repo/semantics/altIdentifier/url/https://bd.aaep.org.ar/anales/works/works2016/carrera_restout.pdf
info:eu-repo/semantics/altIdentifier/issn/1852-0022
dc.rights.none.fl_str_mv info:eu-repo/semantics/openAccess
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Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International (CC BY-NC-SA 4.0)
eu_rights_str_mv openAccess
rights_invalid_str_mv http://creativecommons.org/licenses/by-nc-sa/4.0/
Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International (CC BY-NC-SA 4.0)
dc.format.none.fl_str_mv application/pdf
dc.source.none.fl_str_mv reponame:SEDICI (UNLP)
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