期刊
INTERNATIONAL REVIEW OF ECONOMICS & FINANCE
卷 17, 期 1, 页码 33-44出版社
ELSEVIER SCIENCE BV
DOI: 10.1016/j.iref.2006.01.004
关键词
exchange-rate variability; exports; Latin American countries; cointegration; error-correction model
This paper investigates empirically the impact of real exchange-rate volatility on the export news of eight Latin American countries over the quarterly period 1973-2004. Estimates of the cointegrating relations are obtained using different cointegration techniques. Estimates of the short-run dynamics are obtained for each country utilizing the error-correction technique. The major results show that increases in the volatility of the real effective exchange rate, approximating exchange-rate uncertainty, exert a significant negative effect upon export demand in both the short-run and the long-run in each of the eight Latin American countries. These effects may result in significant reallocation of resources by market participants. (c) 2006 Elsevier Inc. All rights reserved.
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