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El mecanismo de transmisión de la política monetaria en un entorno de dolarización financiera: El caso del Perú entre 1996 y 2006

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  • Rossini, Renzo
  • Vega, Marco

Abstract

El presente estudio analiza los cambios en el mecanismo de transmisión de la política monetaria en el Perú. Una conclusión resaltante que surge a partir de esta investigación es que tanto el canal directo de la tasa de interés como el canal de expectativas han adquirido mayor importancia en los últimos años, especialmente desde que se adoptó el esquema de Metas Explícitas de Inflación. La investigación explora asimismo las implicancias de la dolarización financiera para la práctica de la política monetaria, realizando dos ejercicios con este propósito. En primer lugar, se comparan distintos niveles de flexibilidad del tipo de cambio, observándose que a medida que éste es más flexible, el traspaso del tipo de cambio a precios se hace más rápido pero a la vez se debilita. En segundo lugar, ya que la dolarización financiera generalmente supone depreciaciones contractivas, se estudian las implicancias tanto de las depreciaciones expansivas como de las contractivas. La conclusión es que la efectividad de la política monetaria puede mejorarse aun más si la economía está menos dolarizada.

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Bibliographic Info

Article provided by Banco Central de Reserva del Perú in its journal Revista Estudios Económicos.

Volume (Year): (2007)
Issue (Month): 14 ()
Pages: 11-32

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Handle: RePEc:rbp:esteco:ree-14-01

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  1. Woodford, Michael, 1999. "Optimal Monetary Policy Inertia," Manchester School, University of Manchester, vol. 67(0), pages 1-35, Supplemen.
  2. Sebastian Edwards, 2006. "The Relationship Between Exchange Rates and Inflation Targeting Revisited," Working Papers Central Bank of Chile 409, Central Bank of Chile.
  3. Jeffrey A. Frankel & David C. Parsley & Shang-Jin Wei, 2005. "Slow Passthrough Around the World: A New Import for Developing Countries?," NBER Working Papers 11199, National Bureau of Economic Research, Inc.
  4. Marco Vega & Diego Winkelried, 2004. "How Does Global Disinflation Drag Inflation in Small Open Economies?," Macroeconomics 0403008, EconWPA.
  5. Bofinger, Peter & Wollmershäuser, Timo, 2003. "Managed floating as a monetary policy strategy," Munich Reprints in Economics 20206, University of Munich, Department of Economics.
  6. Eduardo Moron & Diego Winkelried, 2002. "Monetary Policy Rules for Financially Vulnerable EconomieEd," Macroeconomics 0205001, EconWPA.
  7. Adolfo Barajas & Roberto Steiner, 2002. "Credit Stagnation in Latin America," IMF Working Papers 02/53, International Monetary Fund.
  8. Adrián Armas & Francisco Grippa, 2005. "Targeting Inflation in a Dollarized Economy: The Peruvian Experience," Research Department Publications 4423, Inter-American Development Bank, Research Department.
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Cited by:
  1. International Monetary Fund, 2011. "Monetary Transmission in Dollarized and Non-Dollarized Economies," IMF Working Papers 11/87, International Monetary Fund.
  2. Maertens Odria, Luís Ricardo & Castillo, Paul & Rodriguez, Gabriel, 2012. "Does the exchange rate pass-through into prices change when inflation targeting is adopted? The Peruvian case study between 1994 and 2007," Journal of Macroeconomics, Elsevier, vol. 34(4), pages 1154-1166.
  3. Lahura, Erick, 2012. "Midiendo los efectos de la política monetaria a través de las expectativas de mercado," Revista Estudios Económicos, Banco Central de Reserva del Perú, issue 23, pages 39-52.

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