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El mecanismo de transmisión de la política monetaria en un entorno de dolarización financiera: El caso del Perú entre 1996 y 2006

  • Rossini, Renzo
  • Vega, Marco

El presente estudio analiza los cambios en el mecanismo de transmisión de la política monetaria en el Perú. Una conclusión resaltante que surge a partir de esta investigación es que tanto el canal directo de la tasa de interés como el canal de expectativas han adquirido mayor importancia en los últimos años, especialmente desde que se adoptó el esquema de Metas Explícitas de Inflación. La investigación explora asimismo las implicancias de la dolarización financiera para la práctica de la política monetaria, realizando dos ejercicios con este propósito. En primer lugar, se comparan distintos niveles de flexibilidad del tipo de cambio, observándose que a medida que éste es más flexible, el traspaso del tipo de cambio a precios se hace más rápido pero a la vez se debilita. En segundo lugar, ya que la dolarización financiera generalmente supone depreciaciones contractivas, se estudian las implicancias tanto de las depreciaciones expansivas como de las contractivas. La conclusión es que la efectividad de la política monetaria puede mejorarse aun más si la economía está menos dolarizada.

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File URL: http://www.bcrp.gob.pe/docs/Publicaciones/Revista-Estudios-Economicos/14/Estudios-Economicos-14-1.pdf
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Article provided by Banco Central de Reserva del Perú in its journal Revista Estudios Económicos.

Volume (Year): (2007)
Issue (Month): 14 ()
Pages: 11-32

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Handle: RePEc:rbp:esteco:ree-14-01
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  1. Jeffrey Frankel & David Parsley & Shang-Jin Wei, 2012. "Slow Pass-through Around the World: A New Import for Developing Countries?," Open Economies Review, Springer, vol. 23(2), pages 213-251, April.
  2. Michael Woodford, 1999. "Optimal Monetary Policy Inertia," NBER Working Papers 7261, National Bureau of Economic Research, Inc.
  3. Marco Vega & Diego Winkelried, 2004. "How Does Global Disinflation Drag Inflation in Small Open Economies?," Macroeconomics 0403008, EconWPA.
  4. Adolfo Barajas & Roberto Steiner, 2002. "Credit Stagnation in Latin America," IMF Working Papers 02/53, International Monetary Fund.
  5. Eduardo Moron & Diego Winkelried, 2002. "Monetary Policy Rules for Financially Vulnerable EconomieEd," Macroeconomics 0205001, EconWPA.
  6. Sebastian Edwards, 2006. "The Relationship Between Exchange Rates and Inflation Targeting Revisited," NBER Working Papers 12163, National Bureau of Economic Research, Inc.
  7. Adrián Armas & Francisco Grippa, 2005. "Targeting Inflation in a Dollarized Economy: The Peruvian Experience," Research Department Publications 4423, Inter-American Development Bank, Research Department.
  8. Bofinger, Peter & Wollmershäuser, Timo, 2003. "Managed floating as a monetary policy strategy," Munich Reprints in Economics 20206, University of Munich, Department of Economics.
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