Mexico's futile attempt to defy purchasing power parity

References

• Bazdresch , C. and Levy , S. 1991 . “ Populism and economic policy in Mexico, 1970–1982 ” . In The Macroeconomics of Populism in Latin America , Edited by: Dornbusch , R. and Edwards , S. 223 – 262 . Chicago : University of Chicago Press .
   Google Scholar
• Baillie , R. T. and McMahon , P. C. 1989 . The Foreign Exchange Market , Cambridge : Cambridge University Press .
   Google Scholar
• Baillie , R. T. and Pecchenino , R. A. 1991 . The search for equilibrium relationships in international finance: the case of the monetary model . Journal of International Money and Finance , 10 : 582 – 593 .
   Web of Science ®Google Scholar
• Baillie , R. T. and Selover , D. D. 1987 . Cointegration and models of exchange rate determination . International Journalof Forecasting , 3 : 43 – 52 .
   Web of Science ®Google Scholar
• Dadush , U. , Dhareshwar , A. and Johannes , R. 1995 . Are Private Capital Flows to Developing Countries Sustainable? , Policy Research Working Paper No. 1397 The World Bank .
   Google Scholar
• Dickey , D. A. and Fuller , W. A. 1979 . Distributions of the estimators for autoregressive time series with a unit root . Journal of the American Statistical Association , 74 : 427 – 431 .
   Web of Science ®Google Scholar
• Dornbusch , R. 1993 . Stabilization, Debt and Reform , Englewood Cliffs, NJ : Prentice-Hall .
   Google Scholar
• Enders , W. 1989 . Unit roots and the real exchange rate before World War I: the case of Britain and the USA . Journal of International Money and Finance , 8 : 59 – 73 .
   Web of Science ®Google Scholar
• Enders , W. 1995 . Applied Econometric Time Series , New York : John Wiley .
   Google Scholar
• Engle , R. F. and Granger , C. W. 1987 . Cointegration and error correction: representation, estimation and testing . Econometrica , 55 : 251 – 276 .
   Web of Science ®Google Scholar
• Frenkel , J. A. 1978 . Purchasing power parity: doctrinal perspective and evidence from the 1920s . Journal of International Economics , 8 : 169 – 191 .
   Web of Science ®Google Scholar
• Frenkel , J. A. 1981a . The collapse of purchasing power parity during the 1970s . European Economic Review , 16 : 145 – 165 .
   Web of Science ®Google Scholar
• Frenkel , J. A. 1981b . Flexible exchange rates, prices and the role of ‘news’: lessons from the 1970s . Journal of Political Economy , 89 : 665 – 705 .
   Web of Science ®Google Scholar
• Fuller , W. A. 1976 . Introduction to Statistical Time Series , New York : John Wiley .
   Google Scholar
• Gooptu , S. 1994 . Are Portfolio Flows to Emerging Markets Complementary or Competitive? , Policy Research Working Paper No. 1360 The World Bank .
   Google Scholar
• Granger , C. W. J. and Newbold , P. 1974 . Spurious regressions in econometrics . Journal of Econometrics , 2 : 111 – 120 .
   Google Scholar
• Hakkio , C. S. and Rush , M. 1991 . Cointegration: how short is the long run? . Journal of International Money and Finance , 10 : 571 – 581 .
   Web of Science ®Google Scholar
• INEGI . 1994 . Estadísticas Histó;ricas de México, Tomo II , Mexico : Instituto Nacional de Estadística, Geografía e Informaciones, Aguascalientes .
   Google Scholar
• Lustig , N. 1992 . Mexico: The Remaking of an Economy , Washington, DC : The Bookings Institution .
   Google Scholar
• Maddison , A. and Associates . 1993 . La Economa Politica de la Pobreza, la Equidad y el Crecimiento: Brasil y México , Mexico City : Fondo de Cultura Econmica .
   Google Scholar
• Manzur , M. 1990 . An international comparison of prices and exchange rates: a new test of purchasing power parity . Journal of International Money and Finance , 9 : 75 – 91 .
   Web of Science ®Google Scholar
• Mark , N. C. 1990 . Real and nominal exchange rates in the log run: an empirical investigation . Journal of International Economics , 28 : 115 – 136 .
   Web of Science ®Google Scholar
• McNown , R. and Wallace , M. S. 1989 . National price levels, purchasing power parity, and cointegration: a test of four high inflation economies . Journal of International Money and Finance , 8 : 533 – 545 .
   Web of Science ®Google Scholar
• Meese , R. A. and Rogoff , K. 1983 . Empirical exchange rate models of the seventies: do they fit out of sample? . Journal of International Economics , 14 : 3 – 24 .
   Web of Science ®Google Scholar
• Mehra , Y. P. 1991 . An error correction model of US. M2 demand, Federal Reserve Bank of Richmond . Economic Review , May/June : 3 – 12 .
   Google Scholar
• Mussa , M. 1986 . Nominal exchange rate regimes and the behaviour of real exchange rates: evidence and implications . Carnegie–Rochester Conference Series on Public Policy , 25 : 117 – 214 .
   Google Scholar
• Naím , M. 1995 . Mexico's larger story . Foreign Policy , 99 : 112 – 130 .
   Google Scholar
• Officer , L. H. 1976 . The purchasing power parity theory of exchange rates: a review article . IMF Staff Papers , 23 : 1 – 60 .
   Google Scholar
• OECD . 1992 . OECD Economic Surveys, Mexico , Paris : Organisation for Economic Co-operation and Development .
   Google Scholar
• Perron , P. 1989 . The great crash, the oil price shock, and the unit root hypothesis . Econometrica , 57 : 1361 – 1401 .
   Web of Science ®Google Scholar
• Pigott , C. and Sweeney , R. J. 1985 . “ Testing the exchange rate implications of two popular monetary models ” . In Exchange Rates, Trade and the US Economy , Edited by: Arnott , S. W. , Sweeney , R. J. and Willet , T. D. New York : Ballinger .
   Google Scholar
• Ramirez , M. D. 1989 . Mexico's Economic Crisis: Its Origins and Consequences , New York : Preager .
   Google Scholar
• Schettino , M. 1995 . El Costo del Miedo: La Devaluación de 1994, Grupo Editorial Iberoamérica , Mexico City : SA de CV .
   Google Scholar
• Taylor , M. P. 1988 . An empirical examination of long–run purchasing power parity using cointegration techniques . Applied Economics , 20 : 1369 – 1381 .
   Web of Science ®Google Scholar