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La tasa de cambio como ancla nominal

Author

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  • Sebastián Edwards

Abstract

En este trabajo se discute el uso de la tasa de cambio como ancla nominal en programas de estabilización. La primera parte analiza la dinámica de la inflación en economías altamente indizadas. Se demuestra que las anclas de tasa de cambio que sean creíbles disminuirán el grado de inercia inflacionaria. Sin embargo, de mantenerse algún grado de dicha inercia, se producirá sobrevaluación en la tasa de cambio real. Para evaluar las implicaciones del modelo se utilizan datos de Chile, México y Yugoslavia. La segunda parte del trabajo se centra en el largo plazo y utiliza datos de 52 países para investigar si las tasas de cambio fijas han estado asociadas con una mayor disciplina financiera.

Suggested Citation

  • Sebastián Edwards, 1992. "La tasa de cambio como ancla nominal," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República, vol. 11(22), pages 51-81, December.
    • Handle: RePEc:col:000107:007555
    DOI: 10.32468/Espe.2202
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