Paridade descoberta da taxa de juros em países latino-americanos

Abstract

The goal of this paper was to test whether the Uncovered Interest Rate Parity (UIP) holds for the major Latin-American countries during the period from 1995:01 to 2007:12. The theoretical model is based on Galí e Monacelli (2005) and it was used Ordinary Least Squares (OLS), Generalized Method of Moment (GMM)and panel data in the estimations. It was considered the effect of alternative exchange rate regimes, represented by pegged and non-pegged exchange rates. The empirical results indicate that the UIP holds in the mentioned period, independently of the cambial regime. Such empirical evidence is in line with the high capital mobility observed in the major Latin-American countries after the edition of recent stabilizing economic plans.