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Estimación del circulante y el multiplicador monetario en dólares

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  • Walter Orellana Rocha

    (Banco Central de Bolivia)

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    Abstract

    El trabajo presenta una estimación del multiplicador de los depósitos bancarios en dólares. Para esto inicialmente se construye la base monetaria en dólares, estimando el circulante en moneda extranjera a través del método de máxima verosimilitud y el método de la teoría cuantitativa de dinero. Este último utiliza las velocidades ingreso de circulación del dinero calculado a partir de la Cámara de Compensación de cheques. Los resultados obtenidos muestran la importancia en la economía del circulante en dólares y permiten ver la trascedencia del fenómeno de creación de dinero secundario en dólares, el cual limita la función de prestamista de última instancia del Banco Central. Países como Bolivia, con una economía tan abierta y una elevada dolarización, enfrentan desafíos particulares. La posibilidad de que surjan factores exógenos que limiten la liquidez de moneda extranjera en el mercado, conduce a la necesidad de garantizar mecanismos de liquidez ágiles y oportunos como el Fondo de Requerimiento de Activos Líquidos en moneda extranjera. Asimismo, estos desafíos implican la necesidad de continuar con los esfuerzos de incrementar el desarrollo del mercado financiero y mantener una adecuada regulación prudencial que asegure la estabilidad del sistema financiero.

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    Bibliographic Info

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

    Volume (Year): 2 (1999)
    Issue (Month): 1 (July)
    Pages: 67-86

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    Handle: RePEc:blv:journl:v:2:y:1999:i:1:p:67-86

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    Cited by:
    1. Luis Arce Catacora, 2001. "Incertidumbre y dolarización en Bolivia," Revista de Análisis del BCB, Banco Central de Bolivia, vol. 4(2), pages 31-56, December.
    2. Carlos Gustavo Machicado, 2007. "Growth and Banking Structure in a Partially Dollarized Economy," Development Research Working Paper Series 02/2007, Institute for Advanced Development Studies.

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