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|a Mexico's 1994 Exchange Rate Crisis Interpreted in Light of the Non-Traded Model
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|a This paper attempts to make the case that a 2-sector model using the familiar traded non-traded distinction offers a reasonably successful empirical account of why Mexico needed to devalue its exchange rate in 1994. This model provides a way to define and measure disequilibrium in the exchange rate, and thus may be useful in assessing the likelihood of an exchange rate crisis in other developing countries. The results suggest that Mexico's exchange rate was about 25 percent overvalued on the eve of its 1994 crisis, but was much closer to equilibrium by the end of 1996. The approach in this paper is compared with other ways of assessing disequilibrium in the exchange rate, based on purchasing power parity or monetary models of the exchange rate
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This paper attempts to make the case that a 2-sector model using the familiar traded non-traded distinction offers a reasonably successful empirical account of why Mexico needed to devalue its exchange rate in 1994. This model provides a way to define and measure disequilibrium in the exchange rate, and thus may be useful in assessing the likelihood of an exchange rate crisis in other developing countries. The results suggest that Mexico's exchange rate was about 25 percent overvalued on the eve of its 1994 crisis, but was much closer to equilibrium by the end of 1996. The approach in this paper is compared with other ways of assessing disequilibrium in the exchange rate, based on purchasing power parity or monetary models of the exchange rate |
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Warner, Andrew M. aut, Mexico's 1994 Exchange Rate Crisis Interpreted in Light of the Non-Traded Model Andrew M. Warner, Cambridge, Mass National Bureau of Economic Research September 1997, 1 Online-Ressource, Text txt rdacontent, Computermedien c rdamedia, Online-Ressource cr rdacarrier, NBER working paper series no. w6165, Open Access Controlled Vocabulary for Access Rights http://purl.org/coar/access_right/c_abf2 unrestricted online access, This paper attempts to make the case that a 2-sector model using the familiar traded non-traded distinction offers a reasonably successful empirical account of why Mexico needed to devalue its exchange rate in 1994. This model provides a way to define and measure disequilibrium in the exchange rate, and thus may be useful in assessing the likelihood of an exchange rate crisis in other developing countries. The results suggest that Mexico's exchange rate was about 25 percent overvalued on the eve of its 1994 crisis, but was much closer to equilibrium by the end of 1996. The approach in this paper is compared with other ways of assessing disequilibrium in the exchange rate, based on purchasing power parity or monetary models of the exchange rate, Hardcopy version available to institutional subscribers., Hardcopy version available to institutional subscribers, Mode of access: World Wide Web., System requirements: Adobe [Acrobat] Reader required for PDF files., National Bureau of Economic Research oth, http://www.nber.org/papers/w6165 X:NBER Verlag kostenfrei, http://dx.doi.org/10.3386/w6165 X:NBER Verlag kostenfrei, http://dx.doi.org/10.3386/w6165 DE-14, DE-14 2020-03-13T13:48:17Z, http://dx.doi.org/10.3386/w6165 LFER, http://www.nber.org/papers/w6165 LFER, LFER 2020-12-13T20:20:18Z |
| spellingShingle |
Warner, Andrew M., Mexico's 1994 Exchange Rate Crisis Interpreted in Light of the Non-Traded Model, This paper attempts to make the case that a 2-sector model using the familiar traded non-traded distinction offers a reasonably successful empirical account of why Mexico needed to devalue its exchange rate in 1994. This model provides a way to define and measure disequilibrium in the exchange rate, and thus may be useful in assessing the likelihood of an exchange rate crisis in other developing countries. The results suggest that Mexico's exchange rate was about 25 percent overvalued on the eve of its 1994 crisis, but was much closer to equilibrium by the end of 1996. The approach in this paper is compared with other ways of assessing disequilibrium in the exchange rate, based on purchasing power parity or monetary models of the exchange rate |
| title |
Mexico's 1994 Exchange Rate Crisis Interpreted in Light of the Non-Traded Model |
| title_auth |
Mexico's 1994 Exchange Rate Crisis Interpreted in Light of the Non-Traded Model |
| title_full |
Mexico's 1994 Exchange Rate Crisis Interpreted in Light of the Non-Traded Model Andrew M. Warner |
| title_fullStr |
Mexico's 1994 Exchange Rate Crisis Interpreted in Light of the Non-Traded Model Andrew M. Warner |
| title_full_unstemmed |
Mexico's 1994 Exchange Rate Crisis Interpreted in Light of the Non-Traded Model Andrew M. Warner |
| title_short |
Mexico's 1994 Exchange Rate Crisis Interpreted in Light of the Non-Traded Model |
| title_sort |
mexico s 1994 exchange rate crisis interpreted in light of the non traded model |
| title_unstemmed |
Mexico's 1994 Exchange Rate Crisis Interpreted in Light of the Non-Traded Model |
| url |
http://www.nber.org/papers/w6165, http://dx.doi.org/10.3386/w6165 |
