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La formulación de políticas desde una perspectiva macroprudencial en economías emergentes

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  • Moreno, Ramón

Abstract

Las recurrentes entradas de capitales en economías emergentes plantean retos importantes a las autoridades responsables de mantener la estabilidad financiera. El incremento de las tasas de interés para frenar desequilibrios derivados de los flujos de capital puede asimismo atraer capitales adicionales, acentuar presiones apreciatorias y comprometer la estabilidad financiera. Por ello, las autoridades han recurrido a una serie de instrumentos alternativos con el fin de atenuar los efectos de los flujos de capitales. Este artículo examina algunos de estos instrumentos, donde destacan la intervención en el mercado cambiario y la acumulación de reservas internacionales; medidas para fortalecer el capital y los balances bancarios; medidas para mantener la calidad del crédito o influir en su crecimiento o asignación; y controles de capitales. También se analizan aspectos relacionados con su aplicación, como las señales a las que hay que responder, el momento adecuado para implementar las medidas prudenciales, y su carácter procíclico, eficacia y calibrado. Sin embargo, queda por resolver cómo deberán utilizarse los instrumentos descritos en combinación con la política de tasas de interés. A mediano plazo, estos instrumentos suscitan inquietud puesto que podrían afectar al desarrollo del sistema financiero.

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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): 22 ()
Pages: 21-40

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Handle: RePEc:rbp:esteco:ree-22-02

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  1. Philip Turner, 2008. "Financial globalisation and emerging market capital flows," BIS Papers chapters, in: Bank for International Settlements (ed.), Financial globalisation and emerging market capital flows, volume 44, pages 1-10 Bank for International Settlements.
  2. Rodrigo Cifuentes & Gianluigi Ferrucci & Hyun Song Shin, 2005. "Liquidity risk and contagion," Bank of England working papers 264, Bank of England.
  3. M S Mohanty & Philip Turner, 2006. "Foreign exchange reserve accumulation in emerging markets: what are the domestic implications?," BIS Quarterly Review, Bank for International Settlements, September.
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  5. Morris Goldstein & Philip Turner, 2004. "Controlling Currency Mismatches in Emerging Markets," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 373.
  6. Schechtman, Ricardo & Gaglianone, Wagner Piazza, 2012. "Macro stress testing of credit risk focused on the tails," Journal of Financial Stability, Elsevier, vol. 8(3), pages 174-192.
  7. Gertler, Mark & Kiyotaki, Nobuhiro, 2010. "Financial Intermediation and Credit Policy in Business Cycle Analysis," Handbook of Monetary Economics, in: Benjamin M. Friedman & Michael Woodford (ed.), Handbook of Monetary Economics, edition 1, volume 3, chapter 11, pages 547-599 Elsevier.
  8. Meh, Césaire A. & Moran, Kevin, 2010. "The role of bank capital in the propagation of shocks," Journal of Economic Dynamics and Control, Elsevier, vol. 34(3), pages 555-576, March.
  9. Bank for International Settlements, 2008. "Financial globalisation and emerging market capital flows," BIS Papers, Bank for International Settlements, number 44, May.
  10. Claudio Borio & Mathias Drehmann, 2009. "Assessing the risk of banking crises - revisited," BIS Quarterly Review, Bank for International Settlements, March.
  11. Hernando Vargas & Carlos Varela, 2008. "Capital flows and financial assets in Colombia: recent behaviour, consequences and challenges for the central bank," BIS Papers chapters, in: Bank for International Settlements (ed.), Financial globalisation and emerging market capital flows, volume 44, pages 153-184 Bank for International Settlements.
  12. Marc Klau & John Hawkins, 2000. "Measuring potential vulnerabilities in emerging market economies," BIS Working Papers 91, Bank for International Settlements.
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