By Moshé Syrquin, Simón Teitel
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7) unrestricted. 089. All the variables are significant and have the correct sign. Except for yD*, the hypothesis that the coefficients are equal to unity cannot be rejected. It is apparent, therefore, that, although the effects of the different variables are in line with the predictions of the monetary approach, their time pattern needs additional investigation, which was not pursued here. 2. 92. 2% in the level of international reserves. The model and the statistical procedure used here are relatively simple; the results obtained are, however, quite conclusive regarding the importance of terms-of-trade fluctuations on both real activity and the balance of payments.
London: Allen and Unwin and Toronto: University of Toronto Press. Piedra Santa, R. (1977). Introduccion a los Problemas Çconomicos de Guatemala. Guatemala City: Ediciones Superiores. Rodriguez, C. A. (1976). " American Economic Review 66 (September), 710-715. Sargent. T. J. (1973). " Brooking s Papers on Economic Activity (2), 429-472. United Nations. ECLA (1978). Series Historicas del Crecimiento de America Latina. Santiago de Chile. MARIO I. BLEJER* Department of Economics The Hebrew University and Bar-Ilan University ^Israel * Present address: International Monetary Fund, Washington, D.
Cynthia Lee Arfken in New Haven provided splendid research assistance without which this chapter could not have been written. I am also grateful for comments received during a seminar held at the Instituto Torcuato Di Telia in Buenos Aires. 7. Exchange Rates in the Argentine Republic 41 REFERENCES Diaz Alejandro, C. F. (1979). "Some Historical Vicissitudes of Open Economies in Latin American," pp. 14-17, New Haven (processed). Diaz Alejandro, C. F. (1982). "Statistical Report," unpublished, available from the author.