Publication: Regímenes cambiarios de iure y de facto. El caso de la peseta/dólar, 1965-1998
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2005
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Universidad Carlos III de Madrid. Instituto Laureano Figuerola: Centro de Estudios Políticos y Constitucionales
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Abstract
En este trabajo se aplican tres procedimientos estadísticos alternativos al tipo de cambio peseta/dólar norteamericano, con el objetivo de conocer el verdadero régimen cambiario al que estuvo sujeto durante el período 1965-1998. El estudio toma la perspectiva que señala la divergencia entre regímenes cambiario de facto y de iure. Los resultados indican que la peseta, al igual que otras monedas, no exhibió el régimen flotante que de iure tenía en relación al dólar durante las tres últimas décadas de su existencia. Por el contrario, el tipo de cambio peseta/dólar se movió dentro de un corredor más bien estrecho en dichos años.
In this paper we apply three different statistical procedures to the peseta/dollar exchange rate with the aim of discovering the true foreign exchange regime followed by the monetary authorities during the 1965-1998 period. The study´s perspective emphasizes the divergence between de jure and de facto exchange regimes. The results seem to imply that the peseta, as well as other currencies, did not exhibit the floating regime that de jure had in relation to the US dollar in the last three decades of its existence. On the contrary, the peseta/dollar exchange rate moved within rather narrow fluctuation bands during those years.
In this paper we apply three different statistical procedures to the peseta/dollar exchange rate with the aim of discovering the true foreign exchange regime followed by the monetary authorities during the 1965-1998 period. The study´s perspective emphasizes the divergence between de jure and de facto exchange regimes. The results seem to imply that the peseta, as well as other currencies, did not exhibit the floating regime that de jure had in relation to the US dollar in the last three decades of its existence. On the contrary, the peseta/dollar exchange rate moved within rather narrow fluctuation bands during those years.
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Régimen cambiario, Bandas de fluctuación, Tipos de cambio fijos y flotantes, Tipo de cambio peseta/dólar, Foreign exchange regime, Fluctuation bands, Fixed and floating exchange rates, Peseta/dollar exchange rate
Bibliographic citation
Revista de Historia Económica Año XXIII invierno 2005 n. 3 pp. 541-561