Resumo

CERDA, RODRIGO; DONOSO, ALVARO  e  LEMA, ALDO. ANÁLISIS DEL TIPO DE CAMBIO REAL: CHILE 1986-1999Chile 1986-1999. Cuad. econ. [online]. 2005, vol.42, n.126, pp. 329-356. ISSN 0717-6821.  doi: 10.4067/S0717-68212005012600006.

This paper incorporates demand and supply fundamentals in the determination of the Real Exchange Rate (RER). We are able to confirm the negative influence of the ratio expenditure-PIB and the terms of trade on RER, but in addition we find robust evidence of the presence of the effect Balassa-Samuelson. We do not find, however, the existence of a negative impact of the public expenditure on the RER, in addition to the gathered one in the Salter-Swan effect. Finally, we also provide evidence indicating that the effect of this last variable defers according to the composition of production and levels of unemployment

Palavras-chave : Real Exchange Rate; Fundamentals; Balassa-Samuelson Effect; Salter-Swan Effect.