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Crisis financieras y manejo de reservas en el Perú


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  • Castillo, Paul
  • Barco, Daniel


Este documento analiza las respuestas de política económica frente a dos episodios de reversión repentina de flujos de capital en la economía peruana, la crisis Rusa de 1998 y la crisis económica mundial actual. El análisis indica que en ambos casos, la economía peruana logró aminorar el impacto de estos choques, gracias a una política adecuada de control de riesgos sistémicos. En particular, durante las fases expansivas del ciclo económico, se llevó a cabo una política preventiva de acumulación de reservas internacionales, a través de elevados encajes en moneda extranjera a los depósitos bancarios y adeudados, una sólida posición fiscal y la intervención ocasional en el mercado cambiario. Posteriormente, durante los episodios de reversión de capitales, la pérdida parcial de las reservas acumuladas permitió compensar esta reducción en los flujos financieros internacionales y atenuar su impacto sobre el crecimiento. Clasificación JEL: E44, E58, F32, F34

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Bibliographic Info

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

Volume (Year): (2009)
Issue (Month): 17 ()
Pages: 85-112

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Handle: RePEc:rbp:esteco:ree-17-03

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Cited by:
  1. Oscar Dancourt, 2012. "Banking Credit, Policy Interest Rate and Reserve Requirements in Peru," Ensayos Económicos, Central Bank of Argentina, Economic Research Department, vol. 1(65-66), pages 41-60, September.
  2. Gondo, Rocio & Orrego, Fabrizio, 2011. "Dedollarization and financial robustness," Working Papers 2011-022, Banco Central de Reserva del Perú.


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