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Rivalidad por clientes en el mercado cambiario venezolano

Pedauga, Luis Enrique and Pineda, Julio and Dorta, Miguel (2004): Rivalidad por clientes en el mercado cambiario venezolano. Published in: Serie Documentos de Trabajo No. 66 : pp. 1-59.

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Abstract

We try to establish which is the structure that best defines the venezuelan foreign exchange market. Asking ourselves whether there exist a group of agents able to exert market power. We assume that the flow of currency between banks follows a first order stochastic Markov process of first order, in which competition is understood as a dynamic process of rivalry for trading the largest volume of currency under free convertibility. We use daily aggregate currency flows across banks to estimate probabilities of transition, which can be interpreted as approximations to the degree of rivalry between banks. In addition competition for currencies transactions was studied in a dynamic way.

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