Determinantes del tipo real de cambio en la Argentina : una aproximación empírica (1961-2014)
2015
This paper estimates a long run behavioral equilibrium real effective exchange rate in Argentina. The
econometric analysis estimates a vector error correction model. Regression results show that the significant
variables to explain the long-run behavior of the real effective exchange rate are government expenditures
and terms of trade. The coefficients of the fundamentals in the model are used to identify episodes of
overvaluation and undervaluation of the real effective exchange rate. On the basis of the fundamentals,
the real effective exchange rate in 2014 of Argentina was found to be significantly appreciated with respect
to the estimated equilibrium level.
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