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The choice of the exchange rate regime is one of the most signifi cant monetary policy decisions that any economic authority has to make nowadays. Indeed, there have been many studies from a theoretical and empirical point of view, but the only common conclusion would be the lack of consensus. In the past this topic has been modeled by binary probit or cross-sectional multinomial logit models, both of which have weaknesses in the assumptions of the choices. In this paper, such issue is faced by means of a panel mixed multinomial logit model, which allows for substitution pattern among the three types of exchange rate regimes: fi xed, intermediate, and fl exible. Three types of choice determinants are explored: those stated by the Optimum Currency Area (OCA) theory, types of shocks and vulnerability to currency crises, using a sample of 21 Latin American countries over the period 1980-2004. © 2011 Asociación Cuadernos de Economía. Published by Elsevier España, S.L. All rights reserved. Determinantes de la elección del régimen cambiario en América Latina: una aproximación a un modelo logit multinomial mixtoResumen La elección del régimen cambiario constituye una de las decisiones de política económica más relevantes a las que se enfrentan las autoridades monetarias de cualquier país. Existe una amplia literatura, tanto teórica como empírica, cuyo principal resultado es la falta de consenso acerca de los determinantes de la elección del régimen cambiario. Tradicionalmente, este problema se había tratado mediante modelos probit binarios o modelos logit multinomiales de corte transversal, presentando ambos debilidades en la estimación. En este artículo, esta cuestión se afronta mediante un modelo logit multinomial con datos de panel que permite la 56 P. Álvarez Ondina et al.Crisis Cambiarias; Logit multinomial mixto correlación de los errores en el tiempo, así como una mayor fl exibilidad en la elección de las alternativas. Se analizan tres tipos de determinantes en la elección de régimen cambiario: aquellos que se derivan de la teoría de las Áreas Monetarias Óptimas, los relativos a los tipos de shocks y los que se refi eren a la propensión a las crisis cambiarias, utilizando una muestra de 21 países de América Latina para el periodo 1980-2004.

Urban sprawl is one of the main problems of modern urbanism. Cities too much sprawled produce more contamination and worst quality life conditions. The current urban policies attempt to slow the advanced societies tendency to generate sprawled cities. There are a lot of contributions in the urban economics literature that try to understand the causes of sprawl in order to propose policies to reduce it. Many of these papers put their attention on the local policy decentralization as a relevant factor which impulse the probabilities of suffer a dispersed city growth. In this paper we put our attention in a very common situation around Europe: emerging metropolitan areas which appear as a consequence of the growth of closer previous medium cities. Just in Spain there are more than 60 cases that could be consider as this type of emerging metropolitan areas. We study specifically the case of Asturias: a small region in the north of Spain in which three cities growth generate an emerging polycentric and decentralized metropolitan area. We apply Geography Information Systems to study and contrast several hypothesis in this case. Our result conduct us to confirm that this case trend to generate sprawl due to the role of the small local areas, which are integrated in the emerging metropolitan space. However, this behavior could be easily avoided thought a political integration of the new metropolitan area. Palabras clave: Crecimiento urbano disperso; áreas metropolitanas; SIG; España; Asturias.