Access

You are not currently logged in.

Access your personal account or get JSTOR access through your library or other institution:

login

Log in to your personal account or through your institution.

If You Use a Screen Reader

This content is available through Read Online (Free) program, which relies on page scans. Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.

Regímenes cambiantes, estructura de deuda y fragilidad bancaria en México

Rodolfo Cermeño, Fausto Hernández Trillo and Alejandro Villagómez Amezcua
Estudios Económicos
Vol. 16, No. 1 (31) (Jan. - Jun., 2001), pp. 105-132
Published by: El Colegio de Mexico
Stable URL: http://www.jstor.org/stable/40311441
Page Count: 28
  • Read Online (Free)
  • Download ($19.00)
  • Subscribe ($19.50)
  • Cite this Item
Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
Regímenes cambiantes, estructura de deuda y fragilidad bancaria en México
Preview not available

Abstract

Se aborda la estructura de la deuda y la fragilidad financiera como determinantes explicativos de la "crisis del tequila". Para ello se utiliza la metodología de cambio de regímenes estocásticos desarrollada por Hamilton, sobre el tipo de cambio y la tasa de interés. Los resultados empíricos muestran que la estructura de deuda pública es importante para explicar los cambios en los niveles del tipo de cambio real. Asimismo, el indicador formado por el cociente de M2 y reservas internacionales, como proxy de fragilidad financiera, es importante para explicar dicha probabilidad. Esto contrasta con gran parte de los estudios que identifican los determinantes de una crisis cambiaría y financiera. /// This paper uses the switching probability regimes methodology to estimate the determinants of financial crisis, measured in changes in the stochastic regimes of interest and exchange rates. We use Mexico to perform the exercise. Results suggest that public debt structure is important in explaining the so-called tequila crisis. This result contrasts with the determinants identified by the existent literature. In addition, financial fragility measured as the ratio of M2 to reserves, was also important in explaining the regimes under study.

Page Thumbnails

  • Thumbnail: Page 
105
    105
  • Thumbnail: Page 
106
    106
  • Thumbnail: Page 
107
    107
  • Thumbnail: Page 
108
    108
  • Thumbnail: Page 
109
    109
  • Thumbnail: Page 
110
    110
  • Thumbnail: Page 
111
    111
  • Thumbnail: Page 
112
    112
  • Thumbnail: Page 
113
    113
  • Thumbnail: Page 
114
    114
  • Thumbnail: Page 
115
    115
  • Thumbnail: Page 
116
    116
  • Thumbnail: Page 
117
    117
  • Thumbnail: Page 
118
    118
  • Thumbnail: Page 
119
    119
  • Thumbnail: Page 
120
    120
  • Thumbnail: Page 
121
    121
  • Thumbnail: Page 
122
    122
  • Thumbnail: Page 
123
    123
  • Thumbnail: Page 
124
    124
  • Thumbnail: Page 
125
    125
  • Thumbnail: Page 
126
    126
  • Thumbnail: Page 
127
    127
  • Thumbnail: Page 
128
    128
  • Thumbnail: Page 
129
    129
  • Thumbnail: Page 
130
    130
  • Thumbnail: Page 
131
    131
  • Thumbnail: Page 
132
    132