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Peru

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  • Gonzalo C. Pastor
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    Abstract

    This paper reviews monetary and exchange rate policies in Peru in 1930-80. The review covers major transformations to the world economy, including the post-1929 crash and WWII, and changing economic paradigms, such as the collapse of the gold standard and the rise and fall of the Bretton Woods system of fixed exchange rates. The analysis emphasizes the lasting partnership between Peruvian policymakers and the Bretton Woods institutions, while stressing the local authorities’ ownership of final policy decisions. The review shows that, in general, during the fifty year period under analysis, the Peruvian authorities sought to deliver nominal exchange rate stability, even at the cost of introducing market distortions and/or incurring heavy losses in international reserves.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 12/166.

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    Length: 69
    Date of creation: 01 Jun 2012
    Date of revision:
    Handle: RePEc:imf:imfwpa:12/166

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    Related research

    Keywords: Economic growth; Economic indicators; Exchange rate regimes; Monetary policy; exchange rate; foreign exchange; real exchange rate; exchange rates; nominal exchange rate; foreign exchange market; exchange rate system; exchange rate index; exchange rate stability; floating exchange rate; exchange rate policies; floating exchange rate system; foreign exchange markets; exchange markets; exchange rate flexibility; fixed exchange rate; nominal exchange rate stability; floating exchange rates; exchange reserves; fixed exchange rates; floating exchange rate regime; exchange controls; market exchange rates; bilateral real exchange rate; exchange rate regime; dollar exchange rate; exchange rate pressures; nominal exchange rates; current account balance; exchange rate parity; dual exchange rate; market exchange rate; exchange rate depreciation; exchange rate crises; overvalued exchange rate; exchange arrangements; foreign exchange reserves; fluctuating exchange rates; exchange sales; effective exchange rate; real effective exchange rate; exchange restrictions; exchange rate devaluation; exchange rate action; exchange systems; foreign exchange sales; official exchange rate; competitive exchange rate;

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    1. Edwards, Sebastian, 1983. "Floating Exchange Rates in Less-Developed Countries: A Monetary Analysis of the Peruvian Experience, 1950-54," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 15(1), pages 73-81, February.
    2. Jorge Rojas, 1993. "El Perú hasta 1960. Políticas liberales en una economía abierta ," Documentos de Trabajo 1993-109, Departamento de Economía - Pontificia Universidad Católica del Perú.
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