期刊名称：International Journal of Econometrics and Financial Management
印刷版ISSN：2374-2011
电子版ISSN：2374-2038
出版年度：2013
卷号：1
期号：1
页码：5-13
DOI：10.12691/ijefm-1-1-2
语种：English
出版社：Science and Education Publishing
摘要：To ensure financial market stabilities, many Latin America countries implemented pure floating and inflation targeting (FIT) policies following the IMF’s suggestions. The effectiveness of such policies is under investigation. This paper examines the long-run relationship between the real exchange rates (RERs) and real interest rate(RIR) differentials in major Latin America countries over 1993-2009. It shows there are long-run cointegrations between the RERs and RIR differentials in Argentina, Chile and Columbia, as well as long-run causal relationships in Brazil, Mexico and Venezuela. The results support that the FIT regime has facilitated the regional money market and currencies stabilizations in Latin America. The findings have important implications for policy makers and international investors in emerging markets.
关键词：exchange rate; interest rate; cointegration; Granger causality; Latin America
