<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>1870-6622</journal-id>
<journal-title><![CDATA[EconoQuantum]]></journal-title>
<abbrev-journal-title><![CDATA[EconoQuantum]]></abbrev-journal-title>
<issn>1870-6622</issn>
<publisher>
<publisher-name><![CDATA[Universidad de Guadalajara]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S1870-66222016000100159</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[El principio de paridad del poder de compra en América Latina: Un análisis con cambio estructural]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Rodríguez Benavides]]></surname>
<given-names><![CDATA[Domingo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Perrotini Hernández]]></surname>
<given-names><![CDATA[Ignacio]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Santamaría González]]></surname>
<given-names><![CDATA[Jesús]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Instituto Politécnico Nacional Escuela Superior de Economía ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Nacional Autónoma de México Facultad de Economía División de Estudios de Posgrado]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Comisión Económica para América Latina y el Caribe  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>México</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2016</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2016</year>
</pub-date>
<volume>13</volume>
<numero>1</numero>
<fpage>159</fpage>
<lpage>178</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1870-66222016000100159&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1870-66222016000100159&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1870-66222016000100159&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Sometemos a prueba la hipótesis del principio de paridad del poder adquisitivo (PPP) que sostiene que el tipo de cambio real es estacionario alrededor de una media cambiante, conocida como Quasi-Qualified-PPP. Con datos de 17 países de América Latina, aplicamos pruebas de raíces unitarias en panel con rupturas estructurales en la media de las series. Adicionalmente, obtenemos estimaciones insesgadas de la vida media (half-life) de la convergencia del PPP en el panel de datos considerado, las cuales corrigen en forma simultánea los sesgos inducidos por i) la inapropiada agregación de sección cruzada de coeficientes heterogéneos; ii) la estimación en muestras pequeñas de coeficientes de rezagos dinámicos y iii) la agregación temporal de los precios de los productos básicos. Los resultados verifican el cumplimiento de la Quasi-Qualified-PPP y muestran que la vida media es de aproximadamente 4 años con un intervalo de confianza del 95% de 2.7-6.8 años.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract The purchasing power parity (PPP) hypothesis sustaining that the real exchange rate behaves like the so-called Quasi-Qualified-PPP is tested for a sample of 17 Latin American countries. To such purpose, we apply unit root tests to a panel data with structural breaks. Further, unbiased estimates of half-life convergence of the PPP in the concerned panel data are obtained which, in turn, simultaneously adjust the various biases resulting from i) ill-aggregation of cross-section heterogeneous coefficients; ii) small sample estimates of dynamic lagged coefficients and iii) temporary aggregation of the prices of basic goods. Our results confirm the Quasi-Qualified-PPP hypothesis for a set of Latin American economies. We also found that the span of half-life is, approximately, 4 years, with a 95% confidence interval of 2.7 to 6.8 years.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Paridad de poder de compra]]></kwd>
<kwd lng="es"><![CDATA[pruebas de raíces unitarias en panel con rupturas]]></kwd>
<kwd lng="es"><![CDATA[América Latina]]></kwd>
<kwd lng="en"><![CDATA[Purchasing power parity]]></kwd>
<kwd lng="en"><![CDATA[panel unit roots tests with breaks]]></kwd>
<kwd lng="en"><![CDATA[Latin America]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Large Devaluations and the Real Exchange Rate]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Burstein]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Eichenbaum]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Rebelo]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<source><![CDATA[Journal of Political Economy]]></source>
<year>2005</year>
<volume>113</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>742-84</page-range></nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cashin]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[McDermott]]></surname>
<given-names><![CDATA[C. J.]]></given-names>
</name>
</person-group>
<source><![CDATA[An unbiased appraisal of PPP]]></source>
<year>2003</year>
</nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[New panel unit root tests of PPP]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Coakley]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Fuertes]]></surname>
<given-names><![CDATA[A. M.]]></given-names>
</name>
</person-group>
<source><![CDATA[Economics Letters]]></source>
<year>1997</year>
<volume>57</volume>
<page-range>17-22</page-range></nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Does &#8216;Aggregation Bias&#8217; Explain the PPP Puzzle?]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Chen]]></surname>
<given-names><![CDATA[S. S.]]></given-names>
</name>
<name>
<surname><![CDATA[Engel]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
</person-group>
<source><![CDATA[Pacific Economic Review]]></source>
<year>2005</year>
<volume>10</volume>
<page-range>49-72</page-range></nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Choi]]></surname>
<given-names><![CDATA[Ch.]]></given-names>
</name>
<name>
<surname><![CDATA[Mark]]></surname>
<given-names><![CDATA[N. C.]]></given-names>
</name>
<name>
<surname><![CDATA[Sul]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<source><![CDATA[Bias Reduction by Recursive Mean Adjustment in Panel Data]]></source>
<year>2004</year>
<publisher-name><![CDATA[University of Auckland]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Unbiased Estimation of the Half-Life to PPP Convergence in Panel Data]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Choi]]></surname>
<given-names><![CDATA[Ch.]]></given-names>
</name>
<name>
<surname><![CDATA[Mark]]></surname>
<given-names><![CDATA[N. C.]]></given-names>
</name>
<name>
<surname><![CDATA[Sul]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<source><![CDATA[Journal of Money, Credit, and Banking]]></source>
<year>2006</year>
<volume>38</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>921-38</page-range><publisher-name><![CDATA[The Ohio State University Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Dornbusch]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Vogelsang]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Real Exchange Rates and Purchasing Power Parity]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Melo]]></surname>
<given-names><![CDATA[J. de]]></given-names>
</name>
<name>
<surname><![CDATA[Sapir]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<source><![CDATA[Trade Theory and Economic Reform: North, South and East, Essays in Honour of Bela Balassa]]></source>
<year>1991</year>
<page-range>3-24</page-range><publisher-loc><![CDATA[Oxford ]]></publisher-loc>
<publisher-name><![CDATA[Basil Blackwell]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Long-run PPP may not hold after all]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Engel]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
</person-group>
<source><![CDATA[Journal of International Economics]]></source>
<year>2000</year>
<volume>51</volume>
<page-range>243-73</page-range></nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[A panel project on purchasing power parity: Mean reversion within and between countries]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Frankel]]></surname>
<given-names><![CDATA[J. A.]]></given-names>
</name>
<name>
<surname><![CDATA[Rose]]></surname>
<given-names><![CDATA[A. K.]]></given-names>
</name>
</person-group>
<source><![CDATA[Journal of International Economics]]></source>
<year>1996</year>
<volume>40</volume>
<page-range>209-24</page-range></nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Testing the validity of quasi PPP hypothesis: evidence from a recent panel unit root test with structural breaks]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Guloglu]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
<name>
<surname><![CDATA[Ispira]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Okat]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<source><![CDATA[Applied Economics Letters]]></source>
<year>2011</year>
<volume>18</volume>
<page-range>1817-22</page-range></nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Quasi Purchasing Power Parity]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Hegwood]]></surname>
<given-names><![CDATA[N. D.]]></given-names>
</name>
</person-group>
<source><![CDATA[International Journal of Finance &amp; Economics]]></source>
<year>1998</year>
<volume>3</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>279-89</page-range></nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Are Asian real exchange rates mean reverting? Evidence from univariate and panel LM unit root tests with one and two structural breaks]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Hooi]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Smyth]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<source><![CDATA[Applied Economics]]></source>
<year>2007</year>
<volume>39</volume>
<page-range>2109-20</page-range></nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Panel LM unit Root Tests with Level Shifts]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Im]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
<name>
<surname><![CDATA[Lee]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Tieslau]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<source><![CDATA[Oxford Bulletin of Economics and Statistics]]></source>
<year>2005</year>
<volume>67</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>393-419</page-range></nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[PPP strikes back: Aggregation and the real exchange rate]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Imbs]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Mumtaz]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[Ravn]]></surname>
<given-names><![CDATA[M. O.]]></given-names>
</name>
<name>
<surname><![CDATA[Rey]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
</person-group>
<source><![CDATA[Quarterly Journal of Economics]]></source>
<year>2005</year>
<volume>120</volume>
<page-range>1-43</page-range></nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Multi-country evidence on the behavior of purchasing power parity under the current float]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lothian]]></surname>
<given-names><![CDATA[J. R.]]></given-names>
</name>
</person-group>
<source><![CDATA[Journal of International Money and Finance]]></source>
<year>1997</year>
<volume>16</volume>
<page-range>19-35</page-range></nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Panel unit root tests and real exchange rates]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[MacDonald]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<source><![CDATA[Economics Letters]]></source>
<year>1996</year>
<volume>50</volume>
<page-range>7-11</page-range></nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[The Purchasing Power Parity Persistence Paradigm]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Murray]]></surname>
<given-names><![CDATA[C. J.]]></given-names>
</name>
<name>
<surname><![CDATA[Papell]]></surname>
<given-names><![CDATA[D. H.]]></given-names>
</name>
</person-group>
<source><![CDATA[Journal of International Economics]]></source>
<year>2002</year>
<volume>56</volume>
<page-range>1-19</page-range></nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Do Panels Help Solve the Purchasing Power Parity Puzzle?]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Murray]]></surname>
<given-names><![CDATA[C. J.]]></given-names>
</name>
<name>
<surname><![CDATA[Papell]]></surname>
<given-names><![CDATA[D. H.]]></given-names>
</name>
</person-group>
<source><![CDATA[Journal of Business &amp; Economic Statistics]]></source>
<year>2005</year>
<volume>23</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>410-5</page-range></nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Biases in Dynamic Models with Fixed Effects]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Nickell]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<source><![CDATA[Econometrica]]></source>
<year>1981</year>
<volume>49</volume>
<numero>6</numero>
<issue>6</issue>
<page-range>1417-26</page-range></nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Purchasing power parity and unit root tests using panel data]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Oh]]></surname>
<given-names><![CDATA[K. Y.]]></given-names>
</name>
</person-group>
<source><![CDATA[Journal of International Money and Finance]]></source>
<year>1996</year>
<volume>15</volume>
<page-range>405-18</page-range></nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Searching for stationarity: Purchasing power parity under the current float]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Papell]]></surname>
<given-names><![CDATA[D. H.]]></given-names>
</name>
</person-group>
<source><![CDATA[Journal of International Economics]]></source>
<year>1997</year>
<volume>43</volume>
<page-range>313-32</page-range></nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Additional Evidence of Long Run Purchasing Power Parity with Restricted Structural Breaks]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Papell]]></surname>
<given-names><![CDATA[D. H.]]></given-names>
</name>
<name>
<surname><![CDATA[Prodan]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<source><![CDATA[Journal of Money, Credit y Banking]]></source>
<year>2006</year>
<volume>38</volume>
<page-range>1329-49</page-range></nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Phillips]]></surname>
<given-names><![CDATA[P. C. B.]]></given-names>
</name>
<name>
<surname><![CDATA[Sul]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<source><![CDATA[Bias in Dynamic Panel Estimation with Fixed Effects, Incidental Trends and Cross Section Dependence]]></source>
<year>2004</year>
<publisher-name><![CDATA[University of Auckland]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B24">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[The Purchasing Power Parity Puzzle]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Rogoff]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
</person-group>
<source><![CDATA[Journal of Economic Literature]]></source>
<year>1996</year>
<volume>34</volume>
<page-range>647-68</page-range></nlm-citation>
</ref>
<ref id="B25">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Potential Pitfalls for the Purchasing-Power-Parity Puzzle? Sampling and Specification Biases in Mean-Reversion Test of the Law of One Price]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Taylor]]></surname>
<given-names><![CDATA[A. M.]]></given-names>
</name>
</person-group>
<source><![CDATA[Econometrica]]></source>
<year>2001</year>
<volume>69</volume>
<page-range>473-98</page-range></nlm-citation>
</ref>
<ref id="B26">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[A comment on &#8216;Testing the validity of quasi-PPP hypothesis: evidence from a recent panel unit-root test with structural breaks&#8217;]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ventosa]]></surname>
<given-names><![CDATA[S. D.]]></given-names>
</name>
<name>
<surname><![CDATA[Gómez]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<source><![CDATA[Applied Economics Letters]]></source>
<year>2013</year>
<volume>20</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>111-3</page-range></nlm-citation>
</ref>
<ref id="B27">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[On PPP, unit roots and panels]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Wagner]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<source><![CDATA[Empirical Economics]]></source>
<year>2008</year>
<volume>35</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>229-49</page-range></nlm-citation>
</ref>
<ref id="B28">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Note on the Correlation of First Differences of Averages in a Random Chain]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Working]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
</person-group>
<source><![CDATA[Econometrica]]></source>
<year>1960</year>
<volume>28</volume>
<page-range>916-8</page-range></nlm-citation>
</ref>
<ref id="B29">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Are real exchange rates nonstationary? Evidence from a panel-data test]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Wu]]></surname>
<given-names><![CDATA[X.]]></given-names>
</name>
</person-group>
<source><![CDATA[Journal of Money, Credit and Banking]]></source>
<year>1996</year>
<volume>28</volume>
<page-range>54-61</page-range></nlm-citation>
</ref>
</ref-list>
</back>
</article>
