Let it float: new empirical evidence on de facto exchange rate regimes and growth in Latin America

Cecilia Bermúdez; Carlos Dabús

doi:10.52292/j.estudecon.2015.729

Autores/as

Cecilia Bermúdez CONICET - IIESS, Argentina
Carlos Dabús CONICET - IIESS, Argentina

DOI:

https://doi.org/10.52292/j.estudecon.2015.729

Palabras clave:

Regímenes Cambiarios, Crecimiento Económico, System GMM

Resumen

El trabajo reconsidera la evidencia encontrada por Levy-Yeyati y Sturzenegger (LYS) (2003) sobre la relación entre regímenes cambiarios y crecimiento económico. Utilizamos su clasificación de facto así como su base de datos, a fin de ganar robustez y eficiencia en los resultados. Aplicamos el método System GMM. Además, el trabajo se realiza para una amplia muestra de países así como para el caso de Latinoamérica para el periodo 1974-2004. A diferencia de LYS, nuestra evidencia indica que los regímenes cambiarios no son significativos para explicar el crecimiento económico, tanto para una amplia muestra de países como para Latinoamérica en particular. Sin embargo, en esta región los regímenes flexibles parecen tener más ventajas en términos del rol de los determinantes del crecimiento económico en relación a los otros regímenes cambiarios.

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