Publication: Teorías del tipo de cambio: una panorámica
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1993
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Facultad de Ciencias Económicas y Empresariales. Instituto Complutense de Análisis Económico (ICAE)
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En este trabajo se ofrece una panorámica de las principales aportaciones teóricas a la literatura sobre la determinación de los tipos de cambio. Se examinan sucesivamente la hipótesis de la paridad del poder adquisitivo, el modelo tradicional de flujos, los modelos de activos (en sus dos versiones: monetario y de equilibrio de cartera), y una serie de desarrollos posteriores que han surgido ante la insatisfacción derivada del mal comportamiento empírico de los modelos anteriores. Por último, se revisa la evidencia empírica disponible para el caso de la peseta.
This paper surveys the main theoretical contributions to the literature on exchange-rate detennination. To this end, it discusses the purchasing power parity theory, the traditional flow model, and the asset-market model (in both its monetary and portfolio-balance versions), as well as some developments that have been recently proposed in an attempt to improve their bad empirical performance. Finally, we review the available empirical evidence of these models for the Spanish Peseta case.
This paper surveys the main theoretical contributions to the literature on exchange-rate detennination. To this end, it discusses the purchasing power parity theory, the traditional flow model, and the asset-market model (in both its monetary and portfolio-balance versions), as well as some developments that have been recently proposed in an attempt to improve their bad empirical performance. Finally, we review the available empirical evidence of these models for the Spanish Peseta case.
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