The determinants of the choice of exchange rate regimes in Latin Americaa mixed multinomial logit approach

  1. Álvarez Ondina, Pedro
  2. Pérez Rivero, José Luis 1
  3. Vicente Queijeiro, Saúl de 1
  4. Vicente Cuervo, María Rosalía 1
  1. 1 Universidad de Oviedo
    info

    Universidad de Oviedo

    Oviedo, España

    ROR https://ror.org/006gksa02

Revista:
Cuadernos de economía: Spanish Journal of Economics and Finance

ISSN: 2340-6704,  0210-0266

Año de publicación: 2011

Volumen: 34

Número: 95

Páginas: 55-61

Tipo: Artículo

DOI: 10.1016/S0210-0266(11)70006-1 DIALNET GOOGLE SCHOLAR lock_openBiblos-e Archivo editor

Otras publicaciones en: Cuadernos de economía: Spanish Journal of Economics and Finance

Resumen

La elección del régimen cambiario constituye una de las decisiones de política económica más relevantes a las que se enfrentan las autoridades monetarias de cualquier país. Existe una amplia literatura, tanto teórica como empírica, cuyo principal resultado es la falta de consenso acerca de los determinantes de la elección del régimen cambiario. Tradicionalmente, este problema se había tratado mediante modelos probit binarios o modelos logit multinomiales de corte transversal, presentando ambos debilidades en la estimación. En este artículo, esta cuestión se afronta mediante un modelo logit multinomial con datos de panel que permite la correlación de los errores en el tiempo, así como una mayor flexibilidad en la elección de las alternativas. Se analizan tres tipos de determinantes en la elección de régimen cambiario: aquellos que se derivan de la teoría de las Áreas Monetarias Óptimas, los relativos a los tipos de shocks y los que se refieren a la propensión a las crisis cambiarias, utilizando una muestra de 21 países de América Latina para el periodo 1980-2004.

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