Efecto de la incertidumbre de la política económica internacional sobre los mercados financieros latinoamericanos

• Muñoz Henríquez, Erik ^[1] ; Gálvez-Gamboa, Francisco ^[2]
  1. [1] Universidad de Talca

     Universidad de Talca

     Provincia de Talca, Chile

     
  2. [2] Universidad Católica del Maule

     Universidad Católica del Maule

     Provincia de Talca, Chile

     
• Localización: Estudios Gerenciales: Journal of Management and Economics for Iberoamerica, ISSN 0123-5923, Vol. 38, Nº. 165, 2022, págs. 519-528
• Idioma: español
• DOI: 10.18046/j.estger.2022.165.5383
• Títulos paralelos:
  • Efeito da incerteza da política econômica internacional sobre os mercados financeiros da América Latina
  • The effect of international economic policy uncertainty on Latin American financial markets
• Enlaces
  • Texto completo (pdf)
• Dialnet Métricas: 1 Cita
• Resumen
  • español

    El objetivo de este estudio fue analizar la relación entre los mercados financieros latinoamericanos y el índice de incertidumbre de política económica de Estados Unidos y China, a través de la coherencia de Wavelet. Los resultados confirman la existencia de una relación de comovimiento entre los rendimientos de los mercados latinos y este índice; además, se identificó una correlación negativa y liderada por él sobre los retornos de mercado, entre los que destaca el EPU de Estados Unidos sobre México y Colombia en el corto y mediano plazo, y el EPU de China sobre Brasil y Perú a mediano plazo. Esto evidencia un efecto heterogéneo de la relación en los mercados financieros y el EPU. Los hallazgos proveen información relevante para la toma de decisiones respecto a la incertidumbre provocada por las grandes economías internacionales.

  • English

    The aim of this study is to analyze the relationship between Latin American financial markets and the economic policy uncertainty index of the United States and China through Wavelet coherence. The results confirm the existence of a comovement relationship between Latin market returns and this index. Furthermore, it was identified a negative correlation led by it on market returns, among which the EPU of United States on Mexico and Colombia in the short and medium term, and EPU of China on Brazil and Peru in the medium term stand out. This evidences a heterogeneous effect of the relationship between financial markets and the EPU. The findings provide relevant information for decision making regarding the uncertainty caused by large international economies.

  • português

    O objetivo deste estudo foi analisar a relação entre os mercados financeiros da América Latina e o índice de incerteza da política econômica dos Estados Unidos e da China, por meio da coerência Wavelet. Os resultados confirmam a existência de uma relação de comovimento entre os retornos dos mercados latinos e este índice; além disso, foi identificada uma correlação negativa e liderada por ele nos retornos de mercado, entre os quais se destaca o índice de Incerteza Político Económica (EPU) dos Estados Unidos sobre México e Colômbia no curto e médio prazo, e o EPU da China sobre Brasil e Peru no médio prazo. Isso evidencia um efeito heterogêneo da relação entre os mercados financeiros e o EPU. Os achados fornecem informações relevantes para a tomada de decisões sobre a incerteza causada pelas grandes economias internacionais.

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