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Paquetes de rescate de la balanza de pagos: ¿Pueden funcionar o no?

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Author Info
Eduardo Fernández-Arias ()

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Abstract

(Disponible en idioma inglés únicamente) En este trabajo se genera una tipología de crisis de la balanza de pagos con expectativas racionales, específicamente crisis de liquidez y solvencia. La aplicación ex post de dispositivos de rescate financiero oficial de magnitud suficiente es una cura perfecta para las crisis de liquidez, pero representa un rescate ineficaz y costos de los inversionistas privados en el caso de crisis de solvencia. La anticipación de programas de rescate alienta el endeudamiento, lo cual a su vez anula toda mejora de la solvencia. Debido a las probables imperfecciones de su aplicación, los programas de rescate reales conllevan pérdidas financieras para el sector público y fácilmente pueden ser contraproducentes debido al riesgo moral.

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Publisher Info
Paper provided by Inter-American Development Bank, Research Department in its series RES Working Papers with number 4047.

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Date of creation: Dec 1996
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Handle: RePEc:idb:wpaper:4047

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  1. Harold L. Cole & Timothy J. Kehoe, 1998. "Self-fulfilling debt crises," Staff Report 211, Federal Reserve Bank of Minneapolis. [Downloadable!]
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  2. Dooley, Michael & Fernandez-Arias, Eduardo & Kletzer, Kenneth & DEC, 1994. "Is the debt crisis history? Recent private capital inflows to developing countries," Policy Research Working Paper Series 1327, The World Bank. [Downloadable!]
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This page was last updated on 2009-12-5.

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