Les invitamos a consultar el nuevo documento de trabajo.

Resumen:

This paper establishes a cointegration relationship for the nominal exchange rate in

Costa Rica. The reporting requirements for the central bank allow me to calculate a

daily measure of its dollar shortfall from trading with nonbank public companies. This

and the the country’s differential Emerging Market Bond Index (EMBI) are cointegrated

with Costa Rica’s exchange rate. Out-of-sample tests show that forecasts based on these cointegration relationships significantly outperform a random walk benchmark.

Autoría:  Miguel Cantillo

Consultar:  https://ucr.cr/r/3M7Nd