Fiscal shocks and real exchange rate dynamics: Some evidence for Latin America

被引：6
|
作者：
Caporale, Guglielmo Maria [1 ,2 ,3 ]
Ciferri, Davide [4 ,6 ]
Girardi, Alessandro [5 ]
机构：
[1] Brunel Univ, London, England
[2] CESifo, Munich, Germany
[3] DIW Berlin, Berlin, Germany
[4] John Cabot Univ, Rome, Italy
[5] Minist Econ Affairs & Finance, Rome, Italy
[6] Cassa Depositi & Prestiti, Rome, Italy
来源：
JOURNAL OF INTERNATIONAL MONEY AND FINANCE | 2011年 / 30卷 / 05期
关键词：
Fiscal shocks; Real exchange rate; Latin American countries; PURCHASING-POWER PARITY; TIME-SERIES; UNIT-ROOT; POLICY; COINTEGRATION; TESTS; PARAMETER; FLUCTUATIONS; TRADE; MODEL;
D O I：
10.1016/j.jimonfin.2011.04.001
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper analyses the effects of fiscal shocks in selected Latin American countries using a two-country model for output, labour input, government spending and relative prices. Dynamic simulation techniques are then applied, in particular to shed light on the possible effects of fiscal imbalances on the real exchange rate. Using quarterly data over the period 1980-2006, we find that in a majority of cases fiscal shocks are the main driving force of real exchange rate fluctuations. (C) 2011 Elsevier Ltd. All rights reserved.
引用
收藏
页码：709 / 723
页数：15
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