Dinámica de cointegración en la paridad implícita del eurodólar en la República Dominicana

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dc.creatorPenson, Enrique
dc.date2019-10-11
dc.date.accessioned2020-09-10T20:17:17Z
dc.date.available2020-09-10T20:17:17Z
dc.descriptionThis study explores the relationship between the ratio between local peso/euro and peso/dollar exchange rate, effectively an implicit Eurodollar rate, with the official international Eurodollar rate. One finds that the implicit local Eurodollar rate does maintain an equilibrium relationship with its international counterpart; furthermore, when maladjustments occur, the average velocity at which the local rate converges to equilibrium was around five days prior to the inflation targeting regime implementation, and now sits at around 20 days. These results reflect three important conditions in the current Dominican financial market: First, there exists a tight relationship between global market developments and the local market. Second, some arbitrage opportunities still occur in the local exchange rate market. Third, and final, the implementation of an inflation targeting regime appears to have borne a cost in the way of a certain measure of rigidity in the exchange rate market.en-US
dc.descriptionEl presente estudio explora la relación entre la razón del tipo de cambio local peso/euro y peso/dólar, efectivamente una tasa eurodólar implícita, con el eurodólar oficial internacional. Se encontró que el eurodólar implícito local mantiene una relación de equilibrio de largo plazo con su contraparte internacional; cuando existieron desajustes, la velocidad de convergencia promedio se encontraba alrededor de cinco días previo a la implementación del esquema de metas de inflación del Banco Central, mas ahora pasó a ser de alrededor 20 días. Estos resultados reflejan tres condiciones importantes del mercado financiero dominicano actual: primero, existe un vínculo estrecho entre el desenvolvimiento de los mercados globales y el mercado local; segundo, aún existen oportunidades de arbitraje en el corto plazo en el mercado de divisas; y tercero, que la implementación de un régimen de metas de inflación ha tenido un costo en República Dominicana que parece reflejarse a través de cierta rigidez en el mercado cambiario.es-ES
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dc.identifierhttps://revistas.intec.edu.do/index.php/ciene/article/view/1510
dc.identifier10.22206/ceyn.2019.v3i1.pp87-106
dc.identifier.urihttps://repositoriobiblioteca.intec.edu.do/handle/123456789/2803
dc.languagespa
dc.publisherInstituto Tecnológico de Santo Domingo (INTEC)es-ES
dc.relationhttps://revistas.intec.edu.do/index.php/ciene/article/view/1510/2115
dc.relationhttps://revistas.intec.edu.do/index.php/ciene/article/view/1510/2109
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dc.rightsDerechos de autor 2019 Ciencia, Economía y Negocioses-ES
dc.rightshttps://creativecommons.org/licenses/by-nc-sa/4.0/es-ES
dc.sourceScience, Economy & Business; Vol 3 No 1 (2019): Science, Economics and Business; 87-106en-US
dc.sourceCiencia, Economía y Negocios; Vol. 3 Núm. 1 (2019): Ciencia, Economía y Negocios; 87-106es-ES
dc.source2613-8778
dc.source2613-876X
dc.source10.22206/ceyn.2019.v3i1
dc.subjectCointegrationen-US
dc.subjecterror correction modelen-US
dc.subjectexchange rate marketen-US
dc.subjectinflation targetsen-US
dc.subjectcointegraciónes-ES
dc.subjectmodelo de corrección de erroreses-ES
dc.subjectmercado cambiarioes-ES
dc.subjectmetas de inflaciónes-ES
dc.titleCointegration dynamics in the implicit Eurodollar parity in the Dominican Republicen-US
dc.titleDinámica de cointegración en la paridad implícita del eurodólar en la República Dominicanaes-ES
dc.typeinfo:eu-repo/semantics/article
dc.typeinfo:eu-repo/semantics/publishedVersion
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