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Fragilidad financiera y tasa de cambio

  • Juan Carlos Castro Fernández

    ()

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    En las siguientes páginas se presenta un modelo elaborado a partir del propuesto por Foley (2003), en el que se introducen la tasa de cambio y la deuda denominada en moneda extranjera para examinar la influencia de estas dos variables sobre la fragilidad financiera, considerando la hipótesis de inestabilidad financiera de Minsky (1982, 1987) con tipo de cambio flexible. Las posiciones financieras de las firmas (cubierta, especulativa y Ponzi) dependen de la tasa de cambio y de la tasa de interés. El modelo prueba que la depreciación nominal tiene efectos realesy puede causar crisis financieras y económicas, porque encarece el crédito y los bienes de capital, lo que produce una caída en las tasas de ganancia e inversión.

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    File URL: http://www.fce.unal.edu.co/media/files/documentos/Cuadernos/55/v._preliminar_castro_06.02.12.pdf
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    Article provided by UN - RCE - CID in its journal REVISTA CUADERNOS DE ECONOMÍA.

    Volume (Year): (2011)
    Issue (Month): ()
    Pages:

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    Handle: RePEc:col:000093:009218
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