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Política cambiaria y crisis internacional: El rodeo innecesario

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  • Gabriel Loza Tellería

    (Banco Central de Bolivia)

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    Abstract

    Una lección de la crisis financiera fue la sobre reacción de las políticas cambiarias en países de Sudamérica. Después del estallido de la crisis, gran parte de ellos tendieron a depreciar sus monedas, esperando enfrentar mejor los efectos negativos, para posteriormente apreciarlas hasta niveles incluso superiores a los pre-crisis. Esta sobre reacción cambiaria fue una respuesta similar a la de crisis pasadas, pese a que las condiciones previas eran diferentes, especialmente sus fundamentos económicos expresados balance de pagos y balance fiscal eran sólidos y mostraron altos grados de intervención en regímenes cambiarios de flotación aparentemente independientes. En el caso boliviano, una economía, pequeña, exportadora de commodities, con bajo grado de inserción financiera internacional y dolarización parcial, la política cambiaria aplicada fue la de mantener estable el tipo de cambio nominal, debido principalmente a que las condiciones previas a la crisis reflejaban fortaleza macroeconómica y baja vulnerabilidad externa, fiscal y financiera, evitándose el rodeo innecesario de depreciaciones y apreciaciones de otros países regionales.

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    Bibliographic Info

    Article provided by Banco Central de Bolivia in its journal Revista de Análisis.

    Volume (Year): 12 (2010)
    Issue (Month): 1 (June)
    Pages: 9-33

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    Handle: RePEc:blv:journl:v:12:y:2010:i:1:p:9-33

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    Related research

    Keywords: crisis financiera; contexto internacional; política cambiaria; volatilidad del tipo de cambio;

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