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Real Exchange Rate Targeting. ¿Trilema Monetario o Control de Capitales? La Política Fiscal

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  • Javier Gerardo Milei

    (no institution)

Abstract

En el presente trabajo se demuestra que la imposibilidad de alcanzar un objetivo de tipo de cambio real postulada por el trilema monetario se supera agregando un instrumento de política económica. Y ante la disyuntiva de elegir entre la política fiscal contracíclica y el control de capitales deberíamos inclinarnos por la primera ya que da como resultado un equilibrio estable, mientras que la segunda no, al margen de lo poco razonable que sería el control de capitales si la economía mostrara un bajo nivel de capitalización. / The paper shows that the impossibility to reach a real exchange rate target, as proposed by the "Monetary Trilemma" can be circumvented by adding one policy instrument. In the choice between countercyclical fiscal policy and control of capital movements, the first one appears as the preferred option, since it provides a stable equilibrium. Not only an equilibrium is not achieved in the second case, but the restrictions to capital movements in an economy whith a low level of capitalization does not look like a sensible choice.

Suggested Citation

  • Javier Gerardo Milei, 2004. "Real Exchange Rate Targeting. ¿Trilema Monetario o Control de Capitales? La Política Fiscal," Revista de Economía y Estadística, Universidad Nacional de Córdoba, Facultad de Ciencias Económicas, Instituto de Economía y Finanzas, vol. 42(2), pages 63-87, Diciembre.
    • Handle: RePEc:ief:reveye:v:42:y:2004:i:2:p:63-87
    DOI: 10.55444/2451.7321.2004.v42.n2.3807
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    References listed on IDEAS

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    1. Robert A. Mundell, 1962. "The Appropriate Use of Monetary and Fiscal Policy for Internal and External Stability," IMF Staff Papers, Palgrave Macmillan, vol. 9(1), pages 70-79, March.
    2. Dornbusch, Rudiger, 1976. " The Theory of Flexible Exchange Rate Regimes and Macroeconomic Policy," Scandinavian Journal of Economics, Wiley Blackwell, vol. 78(2), pages 255-275.
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    More about this item

    Keywords

    Política fiscal;

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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