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Revista Finanzas y Política Económica
versão impressa ISSN 2248-6046
Resumo
RUIZ PORRAS, Antonio e CRUZ RUIZ, Fidel Gustavo. THE FISHER HYPOTHESES IN LATIN AMERICA: A COINTEGRATION ANALYSIS. Finanz. polit. econ. [online]. 2016, vol.8, n.2, pp.301-326. ISSN 2248-6046. https://doi.org/10.14718/revfinanzpolitecon.2016.8.2.5.
This article evaluates the Fisher hypothesis and the hypothesis of the integration of Latin American markets through co-integration and endogenous structural change tests. The findings suggest a number of conclusions: a) the Fisher effect is validated mainly in Costa Rica; b) the international Fisher effect is validated weakly between Chile and Costa Rica and between Colombia and Mexico; c) the integration of counties and markets is heterogeneous, and d) only Chile did not present structural changes. The study uses monthly series for Brazil, Chile, Colombia, Costa Rica, Mexico and Peru during the January 1997 to December 2014 period.
Palavras-chave : Fisher hypothesis; financial integration; Latin America; cointegration; endogenous structural change.