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Entrada de capitales y acumulación de reservas: evidencia reciente

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  • Reinhart, Carmen M.
  • Reinhart, Vincent R.

Abstract

En los últimos diez años, las autoridades de política en distintos países emergentes han optado por limitar las fluctuaciones del valor de sus monedas respecto al dólar americano. En este documento se utiliza una relación de paridad de tasas de interés para identificar las fuentes potenciales de presiones alcistas en el valor del tipo de cambio y para explicar las opciones de política orientadas a contener dichas presiones. Se documenta en qué medida la acumulación de reservas internacionales ha sido esterilizada y se provee una lista minuciosa de las principales iniciativas de política relacionadas a acotar las fuerzas, que de otra forma apreciarían el tipo de cambio en más de cien países. La evaluación de los esfuerzos de política muestra una amplia variedad de herramientas utilizadas con el objetivo de contener la ola de flujos de capitales.

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Bibliographic Info

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

Volume (Year): (2011)
Issue (Month): 20 ()
Pages: 15-25

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Handle: RePEc:rbp:esteco:ree-20-01

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  1. Dominguez, Kathryn M & Frankel, Jeffrey A, 1993. "Does Foreign-Exchange Intervention Matter? The Portfolio Effect," American Economic Review, American Economic Association, vol. 83(5), pages 1356-69, December.
  2. Sebastian Edwards, 1999. "How Effective are Capital Controls?," NBER Working Papers 7413, National Bureau of Economic Research, Inc.
  3. Leonardo Bartolini & Allan Drazen, 1996. "Capital account liberalization as a signal," Staff Reports 11, Federal Reserve Bank of New York.
  4. Reinhart, Carmen & Reinhart, Vincent, 1998. "“Some Lessons for Policy Makers Who Deal with the Mixed Blessing of Capital Inflows,”," MPRA Paper 7123, University Library of Munich, Germany.
  5. Guillermo A. Calvo & Carmen M. Reinhart, 2002. "Fear Of Floating," The Quarterly Journal of Economics, MIT Press, vol. 117(2), pages 379-408, May.
  6. Graciela Kaminsky & Karen K. Lewis, 1993. "Does Foreign Exchange Intervention Signal Future Monetary Policy?," NBER Working Papers 4298, National Bureau of Economic Research, Inc.
  7. Reinhart, Carmen & Reinhart, Vincent, 1999. "On the use of reserve requirements in dealing with capital flow problems," MPRA Paper 13703, University Library of Munich, Germany.
  8. Reinhart, Vincent R, 2000. "How the Machinery of International Finance Runs with Sand in Its Wheels," Review of International Economics, Wiley Blackwell, vol. 8(1), pages 74-85, February.
  9. Carmen M. Reinhart & Vincent Raymond Reinhart, 2002. "What Hurts Emerging Markets Most? G3 Exchange Rate or Interest Rate Volatility?," NBER Chapters, in: Preventing Currency Crises in Emerging Markets, pages 133-170 National Bureau of Economic Research, Inc.
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