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Crisis de balanza de pagos: el Rol de los factores internos y los factores externos

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  • Waldo Mendoza

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

  • Alejandro Olivares

Abstract

This paper presents a balance-of-payments crises model –in the line of the “firstgeneration” models– in order to estimate the moment in which the fixed exchange rate collapse occurs. In contrast to the standard literature about balance-of-payments crises –which emphasizes the role of macroeconomic policy as a source of fixed exchange rate crises–, this paper shows that, under fixed exchange rate and perfect capital mobility, an adverse international context (like an increase in the international interest rate) could yield a balance–of-payments crises similar to those generated by macroeconomic policy.

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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 1998-156.

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Length: 17 pages
Date of creation: 1998
Date of revision:
Publication status: published
Handle: RePEc:pcp:pucwps:wp00156

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