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2017-04

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cc-by-nc-nd (c) Asociación Cuadernos de Economía, 2017
Please use this identifier to cite or link to this item: https://hdl.handle.net/2445/111615

Dollarization and the relationship between EMBI and fundamentals Latin American countries

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https://doi.org/10.1016/j.cesjef.2016.10.002

Abstract

This paper presents empirical evidence on the interrelationship that exists between the evolution of the Emerging Markets Bonds Index (EMBI) and some macroeconomic variables in seven Latin American countries; two of them (Ecuador and Panama), full dollarized. We make use of a Cointegrated Vector framework to analyze the short run effects from 2001 to 2009. The results suggest that EMBI is more stable in dollarized countries and that its evolution influences economic activity in non-dollarized economies; suggesting that investors' confidence might be higher in dollarized countries where real and financial economic evolution are less vulnerable to external shocks than in non-dollarized ones.

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Finances internacionals, Dòlar nord-americà, Mercat financer, Amèrica Llatina, Màrqueting de relacions

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International finance, American dollar, Financial market, Latin America, Relationship marketing

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MARÍ DEL CRISTO, María Lorena and GÓMEZ-PUIG, Marta. Dollarization and the relationship between EMBI and fundamentals Latin American countries. Cuadernos de Economía: Spanish Journal of Economics and Finance. 2017. Vol. 40, num. 112, pags. 14-30. ISSN 0210-0266. [consulted: 15 of June of 2026]. Available at: https://hdl.handle.net/2445/111615

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