Abstract

SILVA GONZALEZ, Jaime. ESTIMACIÓN DE LA TASA DE CAMBIO REAL DE EQUILIBRIO: APLICACION A COLOMBIA. rev. econ. Caribe [online]. 2009, n.4, pp.37-71. ISSN 2011-2106.

The aim of this study is to gather empirical evidence to discern the impact of real exchange rate on the Colombian economy during 1990 to 2002.The problem when you try to find this impact is the estimation of the real exchange rate of equilibrium, the one that is consistent whit the simultaneous acquisition of external and internal balance. In this regard to achieve this goal are we used the approach developed by Edwards (1988). This model indentifies a set of key exogenous variables that determínate those equilibriums. From this we develop a reduced model for Colombia that relates the real exchange rate with some of the variables proposed in the model. Finally we find that the real exchange rate appreciates with positive shocks to real interest rates and depreciates with the high debt service, volatile term of trade and with the variable of gross capital formation.

Keywords : Real exchange rate; Colombia; equilibrium.

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