The Behavior of Interest Rate Differentials Under Shifting Exchange Rate Regimes: The Experience of Chile, Colombia and Israel *. - Cuadernos de Economia: Latin American journal of economics

The Behavior of Interest Rate Differentials Under Shifting Exchange Rate Regimes: The Experience of Chile, Colombia and Israel *.

By Cuadernos de Economia: Latin American journal of economics

  • Release Date - Published: 2005-05-01
  • Book Genre: Finance
  • Author: Cuadernos de Economia: Latin American journal of economics
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The Behavior of Interest Rate Differentials Under Shifting Exchange Rate Regimes: The Experience of Chile, Colombia and Israel *. Cuadernos de Economia: Latin American journal of economics read online review & book description:

This paper studies the dynamics of the interest rate differential across band and floating exchange rate regimes in Chile, Colombia and Israel, and in a benchmark group composed of Italy, Portugal and Spain. Significant differences in the interest rate-exchange rate link are found between the two groups, irrespective of regime. However, in all countries, except Italy, the interest differential ceased to behave anti-cyclically against output after the adoption of floating, possibly because of a perceived need to gain credibility for the new system in the context of an ongoing disinflation process. JEL: E43, E52, F31.

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