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Sobre el retraso cambiario y la repatriación de capitales en una economía dolarizada

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  • Oscar Dancourt

    ()
    (Departamento de Economía- Pontificia Universidad Católica del Perú)

Abstract

There are two main positions to explain the exchange rate appreciation which occurred during President Fujimori's government. The first one state that this appreciation was caused by a restrictive monetary policy, while the second attributes it to a capital inflow originated by the fall of interest rates in U.S.A. The objective of this paper is to compare both hypotheses through a model which determines the nominal exchange rate and two domestic interest rates, one in domestic currency and the other in foreign currency, assuming imperfect capital mobility and the dollarization of the banking system.

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Bibliographic Info

Paper provided by Departamento de Economía - Pontificia Universidad Católica del Perú in its series Documentos de Trabajo with number 1993-117.

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Length: 32 pages
Date of creation: 1993
Date of revision:
Publication status: published
Handle: RePEc:pcp:pucwps:wp00117

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Postal: Av. Universitaria 1801, San Miguel, Lima, Perú
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Web page: http://www.pucp.edu.pe/departamento/economia/
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  1. Guillermo Calvo & Carlos A. Végh Gramont, 1992. "Currency Substitution in Developing Countries," IMF Working Papers 92/40, International Monetary Fund.
  2. Carlos A. Rodriguez, 1992. "Money and Credit Under Currency Substitution," IMF Working Papers 92/99, International Monetary Fund.
  3. Reinhart, Carmen & Calvo, Guillermo & Leiderman, Leonardo, 1993. "“Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors," MPRA Paper 7125, University Library of Munich, Germany.
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