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Efectos de las corrientes de capital sobre la base monetaria

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  • Reisen, Helmut

Abstract

La gran afluencia de capital hacia algunos países de América Latina a partir de 1990 constituye una ventaja a medias: hace más difícil conciliar la desinflación en el país con la competitividad externa. En gran parte, las corrientes de capital involucradas parecen ser temporales más que permanentes. Las permanentes debieran ser enfrentadas con una flotación ascendente de la moneda nacional, y las temporales con una intervención esterilizada en el mercado de divisas. Según datos recientes, la intervención esterilizada es más eficaz y conlleva menores costos fiscales de lo que suele afirmarse a menudo. Las políticas aplicadas en Asia al respecto sugieren formas de realizar la intervención esterilizada aun con mercados de valores poco desarrollados.

Suggested Citation

  • Reisen, Helmut, 1993. "Efectos de las corrientes de capital sobre la base monetaria," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), December.
    • Handle: RePEc:ecr:col070:11926
    Note: Incluye Bibliografía
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    File URL: http://repositorio.cepal.org/handle/11362/11926
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