La integración financiera de la región del TLCAN: un análisis de los mercados monetarios,cambiarios y bursátiles (Financial market integration in the NAFTA region:An Analysis of the money, currency and stock markets)
DOI:
https://doi.org/10.24275/uam/azc/dcsh/ae/2019v34n87/RuizPalabras clave:
TLCAN, integración financiera, mercados financieros, correlaciones dinámicas, cambio estructural endógeno, NAFTA, financial integration, financial markets, dynamic correlations, endogenous structural changeResumen
Estudiamos la integración de los mercados monetarios, cambiarios y bursátiles de la región del TLCAN. Se utilizan pruebas de raíces unitarias y de cambio estructural endógeno y correlaciones dinámicas. Los resultados muestran que: 1) los procesos de integración financiera han sido inestables en la región; 2) todos los mercados experimentaron cambios estructurales; 3) no necesariamente hay procesos hacia la integración de los mercados; y, 4)los procesos de integración financiera han sido heterogéneos en los mercados y en los íses. Se usan series representativas de los mercados financieros para el período de enero de 1995 a enero de 2019.
Clasificación JEL: F36; G15
Abstract
We study the integration of the money, currency and stock markets of the NAFTA region. The study uses unit-root and endogenous structural change tests and dynamic correlations.The results show that: 1) The financial integration processes have been unstable in the region;2) all the markets experienced structural changes; 3) there are not necessarily processes toward the integration of the markets; and, 4) financial integration processes have been heterogeneous among the markets and the countries. We use monthly series representative of the financial markets for the period from January 1995 to January 2019.
JEL Classification: F36; G15
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