LEADER 05435oam 22011894 450 001 9910807167203321 005 20240402050135.0 010 $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(IMF)WPIEE2008123 035 $a(MiAaPQ)EBC1607846 035 $a(EXLCZ)993170000000055009 100 $a20020129d2008 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 10$aMexico?s Integration into NAFTA Markets : $eA View from Sectoral Real Exchange Rates and Transaction Costs /$fLuciana Juvenal, Rodolphe Blavy 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 215 $a1 online resource (27 pages) 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 3 $aA self-exciting threshold autoregressive model is used to measure transaction costs that may explain relative price differentials and nonlinearities in the behavior of sectoral real exchange rates across Mexico, Canada and the U.S. Interpreting price threshold bands as transactions costs, we find evidence that Mexico still face higher transaction costs than their developed counterparts, even though trade liberalization lowers relative price differentials between countries. The distance between countries and nominal exchange rate volatility are found to be determinants of transaction costs that limit price convergence. Other factors-including weak domestic competition and transportation-are also likely to be important. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/123 606 $aForeign exchange rates$zMexico 606 $aForeign exchange rates$zUnited States 606 $aForeign exchange rates$zCanada 606 $aInvestments: Commodities$2imf 606 $aExports and Imports$2imf 606 $aForeign Exchange$2imf 606 $aMacroeconomics$2imf 606 $aTrade Policy$2imf 606 $aInternational Trade Organizations$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aPrice Level$2imf 606 $aInflation$2imf 606 $aDeflation$2imf 606 $aCurrency$2imf 606 $aForeign exchange$2imf 606 $aInternational economics$2imf 606 $aInvestment & securities$2imf 606 $aReal exchange rates$2imf 606 $aExchange rates$2imf 606 $aNorth American Free Trade Agreement$2imf 606 $aArbitrage$2imf 606 $aConsumer price indexes$2imf 606 $aCommercial treaties$2imf 606 $aFinancial instruments$2imf 606 $aPrice indexes$2imf 607 $aNorth America$xEconomic integration 607 $aUnited States$2imf 615 0$aForeign exchange rates 615 0$aForeign exchange rates 615 0$aForeign exchange rates 615 7$aInvestments: Commodities 615 7$aExports and Imports 615 7$aForeign Exchange 615 7$aMacroeconomics 615 7$aTrade Policy 615 7$aInternational Trade Organizations 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aPrice Level 615 7$aInflation 615 7$aDeflation 615 7$aCurrency 615 7$aForeign exchange 615 7$aInternational economics 615 7$aInvestment & securities 615 7$aReal exchange rates 615 7$aExchange rates 615 7$aNorth American Free Trade Agreement 615 7$aArbitrage 615 7$aConsumer price indexes 615 7$aCommercial treaties 615 7$aFinancial instruments 615 7$aPrice indexes 676 $a382.917 700 $aJuvenal$b Luciana$01717635 701 $aBlavy$b Rodolphe$01631325 801 0$bDcWaIMF 906 $aBOOK 912 $a9910807167203321 996 $aMexico?s Integration into NAFTA Markets$94114021 997 $aUNINA