IDEAS home Printed from
   My bibliography  Save this article

Los efectos de la política de liberalización del comercio exterior en el Perú durante el período 1990–1994


  • Jorge Vega

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


Peru experienced radical economic policy changes during the first half of the decade of 1990. An analysis of these new economic policies, especially those related to foreign trade are presented in this article. Between 1990 and 1994, the Peruvian government eliminated price controls and exchange rate restrictions; measures were given to promote national and foreign private investment; state monopolies to import goods were suppressed; import prohibitions were phased out; most import tariffs were drastically reduced; a much more uniform tariff structure was imposed, and export subsidies were eliminated. Local import substituting activities that used to be highly protected before the reform were forced to adapt to the new open market conditions, with smaller effective rates of protection. Many of them closed down business, but others were able to stabilize and continued growing, although they had to invest in new equipment and had to reduce their sale prices in the internal market, which benefited consumers. Overall, total GDP as well as manufacturing GDP both grew up during the period. There was not any industrial collapse that some analysts predicted to happen. Employment level in the manufacturing sector contracted, but labor productivity picked up. Imports increased faster than exports, thus generating serious balance of trade deficits that were financed by capital inflows. Trade openness did no eliminate the prevailing anti export bias, but this bias certainly was reduced, and a basis for the future development of new exporting sectors was established. Initially, tariff reduction caused fiscal revenue losses, but they were compensated later on by the increase in import volumes.

Suggested Citation

  • Jorge Vega, 2007. "Los efectos de la política de liberalización del comercio exterior en el Perú durante el período 1990–1994," Revista Economía, Fondo Editorial - Pontificia Universidad Católica del Perú, issue 59-60, pages 97-168.
  • Handle: RePEc:pcp:pucrev:y:2007:i:59-60:p:97-168

    Download full text from publisher

    File URL:
    Download Restriction: no

    References listed on IDEAS

    1. Johansen, Soren & Juselius, Katarina, 1990. "Maximum Likelihood Estimation and Inference on Cointegration--With Applications to the Demand for Money," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 52(2), pages 169-210, May.
    2. Granger, C. W. J. & Newbold, Paul, 1986. "Forecasting Economic Time Series," Elsevier Monographs, Elsevier, edition 2, number 9780122951831 edited by Shell, Karl.
    3. Adolfo Figueroa, 1991. "Transformación en la Agricultura de América Latina: Capitalismo y Campesinado," Capítulos de Libros PUCP / Chapters of PUCP books,in: La agricultura latinoamericana: crisis, transformaciones y perspectivas, edition 1 Fondo Editorial - Pontificia Universidad Católica del Perú.
    Full references (including those not matched with items on IDEAS)


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pcp:pucrev:y:2007:i:59-60:p:97-168. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.