LEADER 03638nam 2200685 450 001 9910464011603321 005 20181206180255.0 010 $a1-4623-5983-3 010 $a1-4527-2386-9 010 $a1-282-84077-0 010 $a9786612840777 010 $a1-4518-6983-5 035 $a(CKB)3170000000055009 035 $a(EBL)1607846 035 $a(SSID)ssj0000944170 035 $a(PQKBManifestationID)11560555 035 $a(PQKBTitleCode)TC0000944170 035 $a(PQKBWorkID)10982731 035 $a(PQKB)11418693 035 $a(OCoLC)276784441 035 $a(MiAaPQ)EBC1607846 035 $a(EXLCZ)993170000000055009 100 $a20140226h20082008 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aMexico's integration into NAFTA markets $ea view from sectoral real exchange rates and transaction costs /$fRodolphe Blavy and Luciana Juvenal ; authorized for distribution by Steven Phillips 210 1$a[Washington, District of Columbia] :$cInternational Monetary Fund,$d2008. 210 4$dİ2008 215 $a1 online resource (27 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/123 300 $aDescription based upon print version of record. 311 $a1-4519-1437-7 320 $aIncludes bibliographical references. 327 $aCONTENTS; I. Introduction; II. Nonlinear Dynamics in Real Exchange Rates; A. Theoretical Underpinnings; B. Estimation Methodology and SETAR Model; C. Testing Procedures; III. Estimation Results; A. Testing for Nonlinear Price Convergence; Figure; 1. Extent of Price Convergence between Mexico-U.S. and Canada-U.S; Tables; 1. SETAR Estimation Results; B. Estimated Transaction Costs; C. Robustness of Results; 2. SETAR Estimation Results (Detrended Data); 3. SETAR Estimation Results (Controlling for Different Mean during Tequila Crisis); D. Half-Lives 327 $a4. Estimation of Half-Lives for Sectoral Real Exchange Rates (In Months)5. SETAR Estimation Results for Aggregate Price Indices; Box; 1. Real Exchange Rate Thresholds at the Aggregate CPI Level; IV. Determinants of Thresholds in Real Exchange Rates; V. Summary of Results and Conclusion; 6. Threshold Regressions; References 330 $aA self-exciting threshold autoregressive model is used to measure transaction costs that may explain relative price differentials and nonlinearities in the behavior of sectoral real exchange rates across Mexico, Canada and the U.S. Interpreting price threshold bands as transactions costs, we find evidence that Mexico still face higher transaction costs than their developed counterparts, even though trade liberalization lowers relative price differentials between countries. The distance between countries and nominal exchange rate volatility are found to be determinants of transaction costs that 410 0$aIMF Working Papers 606 $aForeign exchange rates$zMexico 606 $aForeign exchange rates$zUnited States 606 $aForeign exchange rates$zCanada 607 $aNorth America$xEconomic integration 608 $aElectronic books. 615 0$aForeign exchange rates 615 0$aForeign exchange rates 615 0$aForeign exchange rates 676 $a382.917 700 $aBlavy$b Rodolphe$0901687 701 $aJuvenal$b Luciana$01033284 701 $aPhillips$b Steven$f1961-$01033285 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910464011603321 996 $aMexico's integration into NAFTA markets$92451738 997 $aUNINA