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Crisis financieras y manejo de reservas en el Perú

Author

Listed:
  • Castillo, Paul
  • Barco, Daniel

Abstract

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

Suggested Citation

  • Castillo, Paul & Barco, Daniel, 2009. "Crisis financieras y manejo de reservas en el Perú," Revista Estudios Económicos, Banco Central de Reserva del Perú, issue 17, pages 85-112.
    • Handle: RePEc:rbp:esteco:ree-17-03
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    File URL: https://www.bcrp.gob.pe/docs/Publicaciones/Revista-Estudios-Economicos/17/Estudios-Economicos-17-3.pdf
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    Citations

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    Cited by:

    1. José Luis Nolazco & Patricia Lengua-Lafosse & Nikita Céspedes Reynaga, 2020. "Contribución de los choques externos en el crecimiento económico del Perú: un modelo semi-estructural," Capítulos de libros, in: Nikita Céspedes Reynaga & Norman V. Loayza & Nelson R. Ramírez Rondán (ed.), Crecimiento económico en el Perú: causas y consecuencias, edition 1, volume 1, chapter 3, pages 74-117, Universidad de San Martín de Porres.
    2. Gondo, Rocio & Orrego, Fabrizio, 2011. "Dedollarization and financial robustness," Working Papers 2011-022, Banco Central de Reserva del Perú.

    More about this item

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems

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