IDEAS home Printed from https://ideas.repec.org/a/rbp/esteco/ree-12-01.html
   My bibliography  Save this article

Desdolarizando la economía peruana: Un enfoque de portafolio

Author

Listed:
  • Morón P., Eduardo
  • Castro C., Juan F.

Abstract

La visión de consenso es que la dolarización financiera complica el diseño de la política económica, al abrir la puerta a un mayor grado de vulnerabilidad financiera. A pesar de esto, en la última década no hubo un esfuerzo explícito por reducir el nivel de dolarización junto con el programa de estabilización. Además de presentar un conjunto de indicadores para cuantificar cada tipo de dolarización, así como sus resultados para la economía peruana, en este estudio se evalúan distintas medidas para combatir el fenómeno de dolarización financiera. Para esto, y atendiendo a los resultados obtenidos, se privilegia el enfoque de portafolio y se analizan los efectos de modificar el grado de cobertura del seguro de depósitos y la varianza relativa de la inflación y la devaluación real. Los resultados permiten adelantar que una reducción en la cobertura de dicho seguro para depósitos en dólares no se traduciría en un menor ratio de dolarización, ya que propiciaría una transferencia de recursos hacia el exterior. La balanza se inclina hacia aquellas medidas orientadas a reducir la volatilidad de la inflación respecto a la de la devaluación real.

Suggested Citation

  • Morón P., Eduardo & Castro C., Juan F., 2004. "Desdolarizando la economía peruana: Un enfoque de portafolio," Revista Estudios Económicos, Banco Central de Reserva del Perú, issue 12.
  • Handle: RePEc:rbp:esteco:ree-12-01
    as

    Download full text from publisher

    File URL: http://www.bcrp.gob.pe/docs/Publicaciones/Revista-Estudios-Economicos/12/Estudios-Economicos-12-1.pdf
    Download Restriction: no

    References listed on IDEAS

    as
    1. Ben S. Bernanke & Ilian Mihov, 1998. "Measuring Monetary Policy," The Quarterly Journal of Economics, Oxford University Press, vol. 113(3), pages 869-902.
    2. Warne, A., 1993. "A Common Trends Model: Identification, Estimation and Inference," Papers 555, Stockholm - International Economic Studies.
    3. Gonzalo, Jesus & Ng, Serena, 2001. "A systematic framework for analyzing the dynamic effects of permanent and transitory shocks," Journal of Economic Dynamics and Control, Elsevier, vol. 25(10), pages 1527-1546, October.
    4. Christiano, Lawrence J. & Eichenbaum, Martin & Evans, Charles L., 1999. "Monetary policy shocks: What have we learned and to what end?," Handbook of Macroeconomics,in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 2, pages 65-148 Elsevier.
    5. Barrera Chaupis, Carlos, 2000. "Mecanismos de transmisión y reglas de política monetaria: la posición de la política monetaria como variable de estado," Revista Estudios Económicos, Banco Central de Reserva del Perú, issue 6.
    6. Fabio Canova, 2005. "The transmission of US shocks to Latin America," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 20(2), pages 229-251.
    7. Christiano, Lawrence J. & Eichenbaum, Martin & Evans, Charles L., 1999. "Monetary policy shocks: What have we learned and to what end?," Handbook of Macroeconomics,in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 2, pages 65-148 Elsevier.
    8. Svensson, Lars E. O., 2000. "Open-economy inflation targeting," Journal of International Economics, Elsevier, vol. 50(1), pages 155-183, February.
    9. Cushman, David O. & Zha, Tao, 1997. "Identifying monetary policy in a small open economy under flexible exchange rates," Journal of Monetary Economics, Elsevier, vol. 39(3), pages 433-448, August.
    10. Johansen, Soren, 1991. "Estimation and Hypothesis Testing of Cointegration Vectors in Gaussian Vector Autoregressive Models," Econometrica, Econometric Society, vol. 59(6), pages 1551-1580, November.
    11. Jacobson, Tor & Jansson, Per & Vredin, Anders & Warne, Anders, 2002. "Identifying the Effects of Monetary Policy Shocks in an Open Economy," Working Paper Series 134, Sveriges Riksbank (Central Bank of Sweden).
    Full references (including those not matched with items on IDEAS)

    More about this item

    Statistics

    Access and download statistics

    Corrections

    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:rbp:esteco:ree-12-01. 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: (Departamento de Publicaciones Económicas). General contact details of provider: http://edirc.repec.org/data/bcrgvpe.html .

    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.