%0 Documento de trabajo (Working Paper) %A Ojeda-Joya, Jair N. %I Banco de la República %D 2016 %G Español (Spanish) %T Sovereign risk and the real exchange rate : a non-linear approach %U http://repositorio.banrep.gov.co/handle/20.500.12134/6281 %X We estimate a model of real exchange rate determination which is based on interest rate, term structure and purchasing power parities. This model takes into account sovereign risk as a key determinant with possibly non-linear effects. Estimations are perf