Advanced Search
MyIDEAS: Login to save this article or follow this journal

Tipo de cambio real y sus fundamentos: estimación del desalineamiento


Author Info

  • Jesús Ferreryra Gugliermino

    (Banco Central de la Reserva del Perú)

  • Rafael Herrada Vargas

    (Banco Central de la Reserva del Perú)


Esta investigación compara dos enfoques para examinar en qué magnitud el tipo de cambio real actual es consistente con los fundamentos económicos. El enfoque del FEER calcula el tipo de cambio real que iguala la cuenta corriente a pleno empleo con una cuenta corriente objetivo teniendo en cuenta criterios de sostenibilidad de la cuenta corriente. El enfoque del BEER utiliza métodos econométricos para establecer un vinculo para explicar el tipo de cambio real con las principales variables económicas que lo explican. En el documento se expone el marco teórico presentando una breve discusión sobre las diferentes bases conceptuales que deben tomarse en cuenta para la especificación de un modelo de tipo de cambio real de equilibrio. Partiendo de una rápida revisión de las definiciones de equilibrio y desalineamiento, se pasa a una descripción de modelos uniecuacionales y estructurales, como las principales alternativas propuestas en la literatura para la estimación del tipo de cambio real de equilibrio. Asimismo se define los conceptos del FEER y el BEER. Seguidamente, se estiman los dos enfoques presentados en la sección anterior, y se hace un resumen de la metodología utilizada en la estimación. Asimismo, se presenta un estudio sobre la sostenibilidad de la cuenta corriente de la balanza de pagos.

(This abstract was borrowed from another version of this item.)

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL:
Download Restriction: no

Bibliographic Info

Article provided by Centro de Estudios Monetarios Latinoamericanos in its journal Monetaria.

Volume (Year): XXVI (2003)
Issue (Month): 2 (abril-junio)
Pages: 167-206

as in new window
Handle: RePEc:cml:moneta:v:xxvi:y:2003:i:2:p:167-206

Contact details of provider:
Postal: Durango 54, Col. Roma, México D. F., 06700
Phone: 52 (55) 5061 6680
Web page:
More information through EDIRC

Order Information:

Related research


Other versions of this item:


References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
as in new window
  1. Diebold, Francis X & Mariano, Roberto S, 2002. "Comparing Predictive Accuracy," Journal of Business & Economic Statistics, American Statistical Association, vol. 20(1), pages 134-44, January.
  2. Hansen, Lars Peter, 1982. "Large Sample Properties of Generalized Method of Moments Estimators," Econometrica, Econometric Society, vol. 50(4), pages 1029-54, July.
Full references (including those not matched with items on IDEAS)


Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
  1. Leon, Jorge & Mendez, Eduardo & Prado, Eduardo, 2003. "El Tipo de Cambio Real de Costa Rica
    [Real Exchange Rate of Costa Rica]
    ," MPRA Paper 44509, University Library of Munich, Germany, revised 2003.


This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.


Access and download statistics


When requesting a correction, please mention this item's handle: RePEc:cml:moneta:v:xxvi:y:2003:i:2:p:167-206. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ana Laura Sibaja-Jiménez).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.