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Journal Article
Interpreting central bank independence in Mexico

Southwest Economy , Issue Jul , Pages 6-7

Working Paper
Monetary policy in the end-game to exchange-rate based stabilizations: the case of Mexico

Exchange-rate based stabilizations, while useful in accelerating the disinflation process, typically lead to overvalued exchange rates and large current account deficits. These factors, in turn, make it difficult to sustain exchange rate pegs, placing heaving demands upon monetary policy to sustain exchange-rate based programs in their later phases. This paper evaluates the extent to which Mexican monetary policy in 1994 may have loosened, or not tightened sufficiently, in the lead up to the devaluation of the peso that December. Using econometric models of the demand for money, we find ...
International Finance Discussion Papers , Paper 540

Conference Paper
Real exchange rates and investment booms in Mexico


A self-fulfilling model of Mexico's 1994-95 debt crisis

This paper explores the extent to which the Mexican government's inability to roll over its debt during December 1994 and January 1995 can be modeled as a self-fulfilling debt crisis. In the model there is a crucial interval of debt for which the government, although it finds it optimal to repay old debt if it can sell new debt, finds it optimal to default if it cannot sell new debt. If government debt is in this interval, which we call the crisis zone, then we can construct equilibria in which a crisis can occur stochastically, depending on the realization of a sunspot variable. The size of ...
Staff Report , Paper 210

Journal Article
Beyond the border : Border bottlenecks hamper trade

Southwest Economy , Issue Sep , Pages 9-11

Working Paper
Convertibility risk, default risk, and the Mexdollar anomaly

Rogers (l992a,b) I put forth the convertibility risk hypothesis in order to explain the anomalous n~gative relationship between the expected rate of Mexican peso depreciation and the ratio of Mexdollars to peso denominated demand deposits. Recently, Gruben and Welch (1994) examine the effect of deteriorating bank loan quality on the variables I consider. Using a cointegration framework, the authors find (i) a negative relationship between non-performing loans and the dollarization ratio and (ii) the conventional positive relationship between expected peso depreciation and dollarization. The ...
International Finance Discussion Papers , Paper 495

Journal Article
New boom on the border

FRBSF Economic Letter

Working Paper
Bank foreign lending, mandatory disclosure rules and the reaction of bank stock prices to the Mexican debt crisis

Working Papers , Paper 86-14

Journal Article
Mexico’s Growing Role in the Auto Industry Under NAFTA: Who Makes What and What Goes Where

In this article, we explore the impact of NAFTA on Mexico?s motor vehicle industry?specifically, on Mexico?s integration into North America?s automotive industry and the subsequent increase in intra-industry trade in automobiles.5 The auto industry has undergone dramatic changes over the past 20-plus years. First, we provide a brief summary of the history of auto production and related trade policies in Mexico before NAFTA. Then we provide a detailed analysis of Mexico?s light vehicle production and exports from 1990 through 2016. Our analysis shows how Mexico has become an integral part of ...
Economic Perspectives , Issue 6 , Pages 1-29

Journal Article
The Mexican economy snaps back

Southwest Economy , Issue Mar , Pages 9-10



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Gruben, William C. 12 items

anonymous 10 items

Cañas, Jesus 8 items

Vargas, Lucinda 8 items

Welch, John H. 7 items

Coronado, Roberto 5 items

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Mexico 183 items

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