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2004
- handle: 10670/1.p8v16m
- 1665-2045
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Economía Mexicana. Nueva Época
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Carlos A. Ibarra, « The Interest Rate-Exchange Rate Link in the Mexican Float », Economía Mexicana. Nueva Época, ID : 10670/1.p8v16m
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Résumé
"This paper examines empirically the interest rate-exchange ratelink in the context of the Mexican experience with a floating exchangeregime. The impulse response function derived from an ECM estimatedby GMM reveals a lasting positive effect of a currency depreciation onthe peso-dollar interest rate differential. Some of the macroeconomicconsequences from this pattern are discussed, together with a possibleexplanation based on the incorporation of the central bank reactionfunction into private expectations."