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      • Department of Economics
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      Exchange rate regime, world oil prices and the Mexican economy

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      Author(s)
      Osmanbeyoglu, Merve
      Dogan, N.
      Berument, M. Hakan
      Date
      2021-11-11
      Source Title
      International Journal of Economic Policy Studies
      Print ISSN
      2524-4892
      Electronic ISSN
      1881-4387
      Publisher
      Springer Nature Switzerland AG
      Volume
      16
      Issue
      1
      Pages
      159 - 178
      Language
      English
      Type
      Article
      Item Usage Stats
      15
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      Abstract
      This paper studies the effects of the exchange rate regime of the Mexican economy on how the oil price shocks affect the domestic economic performance by considering the period from January 1992 to December 2019. The empirical evidence reported here reveals that a positive oil price shock appreciates the local currency, increases interest rates, output, and prices. However, once the exchange rate channel is closed, the interest rate increases, and prices will be higher. However, we could not find any statistically significant evidence of the effect on output changes with the exchange rate regime. Thus, the flexible exchange rate regime may promote price stability when the Mexican economy faces an oil price shock.
      Keywords
      Oil price shocks
      Exchange rate channel
      Vector autoregressive models
      Permalink
      http://hdl.handle.net/11693/111474
      Published Version (Please cite this version)
      https://dx.doi.org/10.1007/s42495-021-00072-3
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