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Expectativas cambiarias, selección adversa y liquidez

  • Jimmy Melo

    ()

    (El Colegio de México. Centro de Estudios Económicos. México DF, México)

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    Este artículo evalúa las implicaciones en el corto plazo de las expectativas cambiarias en mercados de crédito, afectados por problemas de selección adversa, y modela un mercado de crédito donde los contratos de deuda son contingentes en el ingreso de los prestatarios. Los activos riesgosos que estos últimos poseen están denominados en moneda extranjera y su valor en libros, estipulado en los contratos de deuda, se traduce usando las expectativas sobre el tipo de cambio basadas en las premisas del análisis técnico. Este artículo muestra que la información pública, generada por la tendencia adversa del tipo de cambio, mueve al mercado de crédito hacia un equilibrio donde la inversión y el crédito se contraen, y definen el espacio para la intervención del gobierno. En este contexto, el gobierno responde a la información generada por la tendencia del tipo de cambio e incrementa el tamaño de programa, a fin de estabilizar las variaciones en la tasa de interés, lo cual evita que la inversión y la liquidez se reduzcan.

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    File URL: http://www.economia.uanl.mx/revistaensayos/xxxiii/1/Expectativas_cambiarias_seleccion_adversa_y_liquidez.pdf
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    Article provided by Universidad Autonoma de Nuevo Leon, Facultad de Economia in its journal Ensayos Revista de Economia.

    Volume (Year): XXXIII (2014)
    Issue (Month): 1 (May)
    Pages: 27-62

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    Handle: RePEc:ere:journl:v:xxxiii:y:2014:i:1:p:27-62
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