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Terminos de intercambio, afluencia extraordinaria de divisas y tipo de cambio real en America Latina


  • Michael J. Twomey


Se formulara y estimara un modelo que incorpora factores monetarios, terminos de intercambio externos y otros factores relativos a la afluencia extraordinaria de divisas como variables determinantes del tipo de cambio real. Esto permite una comparación estadística de la intensidad de los procesos de equilibrio y de desequilibrio que afectan el tipo de cambio real. Los resultados destacan el rol que han jugado los términos de intercambio en la alteracion del tipo de cambio de equilibrio en América Latina. Mas aun, estos resultados sugieren que cuando los terminos de intercambio son muy variables, las dos medidas de tipo de cambio real mas usadas mostraran señales bastante inconsistentes con el estado de la economia.

Suggested Citation

  • Michael J. Twomey, 1991. "Terminos de intercambio, afluencia extraordinaria de divisas y tipo de cambio real en America Latina," Revista Economía, Fondo Editorial - Pontificia Universidad Católica del Perú, vol. 0(28), pages 275-306.
  • Handle: RePEc:pcp:pucrev:y:1991:i:28:p:275-306

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    References listed on IDEAS

    1. Stanley Fischer, 1980. "On Activist Monetary Policy with Rational Expectations," NBER Chapters,in: Rational Expectations and Economic Policy, pages 211-247 National Bureau of Economic Research, Inc.
    2. Enders, Walter & Falk, Barry, 1984. "A Microeconomic Test of Money Neutrality," The Review of Economics and Statistics, MIT Press, vol. 66(4), pages 666-669, November.
    3. Lucas, Robert E, Jr, 1975. "An Equilibrium Model of the Business Cycle," Journal of Political Economy, University of Chicago Press, vol. 83(6), pages 1113-1144, December.
    4. Starleaf, Dennis R. & Meyers, William H. & Womack, Abner W., 1985. "The Impact of Inflation on the Real Income of U.S. Farmers," Staff General Research Papers Archive 10858, Iowa State University, Department of Economics.
    5. Blinder, Alan S, 1982. "Inventories and Sticky Prices: More on the Microfoundations of Macroeconomics," American Economic Review, American Economic Association, vol. 72(3), pages 334-348, June.
    6. Barro, Robert J., 1976. "Rational expectations and the role of monetary policy," Journal of Monetary Economics, Elsevier, vol. 2(1), pages 1-32, January.
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