Publikationsserver
Does the Currency Board Matter? U.S. News and Argentine Financial Market Reaction
Using a GARCH model, we study the effects of U.S. monetary policy and macroeconomic announcements on Argentine money, stock, and foreign exchange markets over the period January 1998 to July 2007. We show, first, that both types of news have a significant impact on all markets. Second, there are...
I tiakina i:
| I whakaputaina i: | MAGKS - Joint Discussion Paper Series in Economics (Band 23-2008) |
|---|---|
| Ngā kaituhi matua: | , |
| Hōputu: | Arbeit |
| Reo: | Ingarihi |
| I whakaputaina: |
Philipps-Universität Marburg
2008
|
| Ngā marau: | |
| Urunga tuihono: | Kuputuhi katoa PDF |
| Tags: |
Tāpirihia he Tūtohu
Keine Tags, Fügen Sie den ersten Tag hinzu!
|
| Whakarāpopototanga: | Using a GARCH model, we study the effects of U.S. monetary policy and macroeconomic
announcements on Argentine money, stock, and foreign exchange markets over the period
January 1998 to July 2007. We show, first, that both types of news have a significant impact
on all markets. Second, there are noticeable differences in reaction for different subsamples:
Argentine money markets were more dependent on U.S. news under the currency board than
after it was abandoned as the floating exchange rate partly absorbs spillover effects from the
United States. Finally, we find that U.S.-dollar-denominated assets react less to U.S. news
than peso-denominated assets, which suggests that the currency board was not completely
credible during its final years. |
|---|---|
| ISSN: | 1867-3678 |
| DOI: | 10.17192/es2023.0207 |