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Desarrollo del Mercado de Derivados Cambiarios en Chile

Economic Analysis Review

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Title Desarrollo del Mercado de Derivados Cambiarios en Chile
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Creator Ahumada, Luis Antonio
Selaive C., Jorge
 
Description This article develops an international comparison, characterization and econometric evaluation about the development of Chilean FX derivatives market using a unique database of exchange rate operations performed by residents against domestic and international counterparts. The level of activity of the Chilean spot exchange rate market as well as its transaction costs are similar to those in more advanced economies, and a level of exchange rate derivative market above other emerging economies, yet at a significant distance from developed economies. Also, the article reports a growing number of foreign counterparts and a maturity of derivatives contracts slightly above the world average. From the cross country level regressions, it is worth mentioning the positive role of flexible exchange rate regimes as well as the negative effect of international reserve accumulation on the development of the exchange rate market. It is shown that the Chilean FX activity converges to the levels suggested by the estimation, according to the fundamentals of the economy. Nonetheless, it states at a significant distance from countries like Australia, New Zealand, and Canada.
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Publisher Universidad Alberto Hurtado - Facultad de Economía y Negocios
 
Contributor —
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Date 2010-03-02
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
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Format application/pdf
 
Identifier http://www.rae-ear.org/index.php/rae/article/view/66
 
Source Revista de Análisis Económico - Economic Analysis Review; Vol 22, No 1 (2007); 35-58
Revista de Análisis Económico – Economic Analysis Review; Vol 22, No 1 (2007); 35-58
0718-8870
0716-5927
 
Language spa
 
Relation http://www.rae-ear.org/index.php/rae/article/view/66/127