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      Exchange rate regime, world oil prices, and the Mexican economy

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      Author
      Berument, M. Hakan
      Advisor
      Çetinkaya, Merve
      Date
      2020-06
      Publisher
      Bilkent University
      Language
      English
      Type
      Thesis
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      Abstract
      This thesis 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 the interest rate, output, and prices. Furthermore, once the exchange rate channel is closed, an increase in the interest rate and prices will be higher. However, we could not find statistically significant evidence that the effect on output does change with the exchange rate regime. This conclusion is parallel of a country that has a low level of inflation commitment.
      Keywords
      Exchange rate channel
      Mexican economy
      Oil price shocks
      Vector atoregression model
      Permalink
      http://hdl.handle.net/11693/53713
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