Cost and relative price competitiveness of Mexican manufacturing industry in the US market

Competitividad de costos y precios relativos de la industria manufacturera mexicana en el mercado estadounidense

Víctor Manuel Cuevas Ahumada

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Resumen

Esta investigación evalúa los determinantes a largo plazo de la competitividad de las manufacturas mexicanas en el mercado estadounidense. Para tal fin, se construye un índice de competitividad internacional (CI) y, posteriormente, se especifica y se estima un modelo mediante tres métodos econométricos. La evidencia sugiere que la CI responde a las siguientes variables: tipo de cambio real peso-dólar, tipo de cambio real yuan-dólar, productividad laboral, salarios y costo del crédito. Una contribución importante radica en demostrar que la CI manufacturera se ve afectada por el tipo de cambio real yuan-dólar y el costo real del crédito.

Palabras clave: competitividad internacional; industria manufacturera; análisis de cointegración; México; Estados Unidos


Abstract

This research evaluates the long-term determinants of Mexican manufacturing competitiveness in the US market. To perform this task, an International Competitiveness (IC) index is constructed and then a model is specified and estimated by using three different econometric methods. The empirical evidence across econometric techniques is consistent in indicating that IC is responsive to the peso-dollar real exchange rate, the yuan-dollar real exchange rate, labor productivity, wages and the cost of credit. An important contribution of this paper is to show that manufacturing IC is influenced by the yuan-dollar real exchange rate and the real cost of credit.

Keywords: International competitiveness; manufacturing industry; cointegration analysis; Mexico; USA;


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