Copyright (c) 2008 All rights reserved. http://works.bepress.com/isabel_ruiz Recent documents in Isabel Ruiz en-us Fri, 09 May 2008 02:45:50 PDT 3600 http://works.bepress.com/isabel_ruiz/1 http://works.bepress.com/isabel_ruiz/1 Wed, 07 May 2008 13:52:51 PDT This article examines stationarity properties, linkages and market efficiency of the Latin American foreign exchange markets over the 1994-2005 period. By using daily data for fourteen countries we apply bivariate and multivariate cointegration estimations and we further account for the presence of structural breaks or changes in regime. Bivariate cointegration tests revealed that most currencies have a long-run equilibrium relationship with the Brazilian real. Moreover, approximately between 1999 and 2001, there was a shift to a new "long-run" equilibrium relationship. Isabel Ruiz Exchange Rates