Volatilidad del tipo de cambio y tasas de interés en México: 1996-2001

Moisés J. Schwartz (), Alfredo Tijerina () and Leonardo Torre ()
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Moisés J. Schwartz: Secretaría de Hacienda y Crédito Público
Alfredo Tijerina: Secretaría de Hacienda y Crédito Público
Leonardo Torre: Secretaría de Hacienda y Crédito Público

Economía Mexicana NUEVA ÉPOCA, 2002, vol. XI, issue 2, 299-331

Abstract: It is argued that in Mexico there is not a fear of floating in the Calvo-Reinhart sense and that the market, as a result of the monetary policy instrument (corto), has determined a reatively stable exchange rate and more volatile interest rates. Thus, thé instantaneous interest rate response to exogenous shocks limits the exchange rate role as a buffer to the referred disturbances. Empirical evidence shows that explicit interest rate targets result in higher exchange rate volatility and lower interest rate variability.

Keywords: volatility; exchange rate; interest rates (search for similar items in EconPapers)
Date: 2002
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