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Crisis financieras y manejo de reservas en el Perú

  • Castillo, Paul
  • Barco, Daniel

Este documento analiza las respuestas de política económica frente a dos episodios de reversión repentina de flujos de capital en la economía peruana, la crisis Rusa de 1998 y la crisis económica mundial actual. El análisis indica que en ambos casos, la economía peruana logró aminorar el impacto de estos choques, gracias a una política adecuada de control de riesgos sistémicos. En particular, durante las fases expansivas del ciclo económico, se llevó a cabo una política preventiva de acumulación de reservas internacionales, a través de elevados encajes en moneda extranjera a los depósitos bancarios y adeudados, una sólida posición fiscal y la intervención ocasional en el mercado cambiario. Posteriormente, durante los episodios de reversión de capitales, la pérdida parcial de las reservas acumuladas permitió compensar esta reducción en los flujos financieros internacionales y atenuar su impacto sobre el crecimiento. Clasificación JEL: E44, E58, F32, F34

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File URL: http://www.bcrp.gob.pe/docs/Publicaciones/Revista-Estudios-Economicos/17/Estudios-Economicos-17-3.pdf
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Article provided by Banco Central de Reserva del Perú in its journal Revista Estudios Económicos.

Volume (Year): (2009)
Issue (Month): 17 ()
Pages: 85-112

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Handle: RePEc:rbp:esteco:ree-17-03
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