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Entrada de capitales y acumulación de reservas: evidencia reciente

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  • Reinhart, Carmen M.
  • Reinhart, Vincent R.

Abstract

En los últimos diez años, las autoridades de política en distintos países emergentes han optado por limitar las fluctuaciones del valor de sus monedas respecto al dólar americano. En este documento se utiliza una relación de paridad de tasas de interés para identificar las fuentes potenciales de presiones alcistas en el valor del tipo de cambio y para explicar las opciones de política orientadas a contener dichas presiones. Se documenta en qué medida la acumulación de reservas internacionales ha sido esterilizada y se provee una lista minuciosa de las principales iniciativas de política relacionadas a acotar las fuerzas, que de otra forma apreciarían el tipo de cambio en más de cien países. La evaluación de los esfuerzos de política muestra una amplia variedad de herramientas utilizadas con el objetivo de contener la ola de flujos de capitales.

Suggested Citation

  • Reinhart, Carmen M. & Reinhart, Vincent R., 2011. "Entrada de capitales y acumulación de reservas: evidencia reciente," Revista Estudios Económicos, Banco Central de Reserva del Perú, issue 20, pages 15-25.
  • Handle: RePEc:rbp:esteco:ree-20-01
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    References listed on IDEAS

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    1. Guillermo A. Calvo & Leonardo Leiderman & Carmen M. Reinhart, 1996. "Inflows of Capital to Developing Countries in the 1990s," Journal of Economic Perspectives, American Economic Association, vol. 10(2), pages 123-139, Spring.
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    6. Carmen M. Reinhart & Vincent Raymond Reinhart, 2002. "What Hurts Emerging Markets Most? G3 Exchange Rate or Interest Rate Volatility?," NBER Chapters,in: Preventing Currency Crises in Emerging Markets, pages 133-170 National Bureau of Economic Research, Inc.
    7. Reinhart, Vincent R, 2000. "How the Machinery of International Finance Runs with Sand in Its Wheels," Review of International Economics, Wiley Blackwell, vol. 8(1), pages 74-85, February.
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    Cited by:

    1. Kathryn M. E. Dominguez, 2010. "International Reserves and Underdeveloped Capital Markets," NBER Chapters,in: NBER International Seminar on Macroeconomics 2009, pages 193-221 National Bureau of Economic Research, Inc.
    2. Andreas Steiner, 2010. "Central Banks’ Dilemma: Reserve Accumulation, Inflation and Financial Instability," Working Papers 84, Institute of Empirical Economic Research, Osnabrueck University.
    3. Prakash Kumar Shrestha, Ph.D., 2016. "Macroeconomic Impact of International Reserves: Empirical Evidence from South Asia," NRB Working Paper 32/2016, Nepal Rastra Bank, Research Department.
    4. Reinhart, Carmen & Reinhart, Vincent, 2009. "Fiscal stimulus for debt intolerant countries?," MPRA Paper 16937, University Library of Munich, Germany.
    5. Adriana Arreaza & Luis Miguel Castilla & Cristina Fernández, 2009. "The Coming of Age of Sovereign Wealth Funds," Global Journal of Emerging Market Economies, Emerging Markets Forum, vol. 1(1), pages 25-41, January.
    6. Prakash Shrestha, 2017. "Macroeconomic Impact of International Reserves: Empirical Evidence from South Asia," Working Papers id:12166, eSocialSciences.
    7. Carlos A. Carrasco & Felipe Serrano, 2014. "Global and European Imbalances:A critical review," Working papers wpaper42, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    8. Dominguez, Kathryn M.E. & Hashimoto, Yuko & Ito, Takatoshi, 2012. "International reserves and the global financial crisis," Journal of International Economics, Elsevier, vol. 88(2), pages 388-406.
    9. repec:ilo:ilowps:455446 is not listed on IDEAS
    10. Phornchanok Cumperayot & Roy Kouwenberg, 2016. "Currency Wars: Who Gains from the Battle?," PIER Discussion Papers 18., Puey Ungphakorn Institute for Economic Research, revised Feb 2016.
    11. Gerald Epstein & James Heintz & Léonce Ndikumana & Grace Chang, 2011. "Employment, Poverty and Economic Development in Madagascar," Published Studies ndikumana_ilo2010, Political Economy Research Institute, University of Massachusetts at Amherst.
    12. Laura Alfaro & Sebnem Kalemli-Ozcan & Vadym Volosovych, 2014. "Sovereigns, Upstream Capital Flows, And Global Imbalances," Journal of the European Economic Association, European Economic Association, vol. 12(5), pages 1240-1284, October.
    13. Salas, Jorge, 2011. "Estimación bayesiana de unmodelo de pequeña economía abierta con dolarización parcial," Revista Estudios Económicos, Banco Central de Reserva del Perú, issue 22, pages 41-62.
    14. Carmen Reinhart & Vincent Reinhart, 2009. "Capital Flow Bonanzas: An Encompassing View of the Past and Present," NBER Chapters,in: NBER International Seminar on Macroeconomics 2008, pages 9-62 National Bureau of Economic Research, Inc.
    15. Olivier Blanchard & Gustavo Adler & Irineu de Carvalho Filho, 2015. "Can Foreign Exchange Intervention Stem Exchange Rate Pressures from Global Capital Flow Shocks?," Working Paper Series WP15-18, Peterson Institute for International Economics.
    16. Gustavo Adler & Noemie Lisack & Rui Mano, 2015. "Unveiling the Effects of Foreign Exchange Intervention; A Panel Approach," IMF Working Papers 15/130, International Monetary Fund.
    17. Algozhina, Aliya, 2016. "Monetary Policy Rule, Exchange Rate Regime, and Fiscal Policy Cyclicality in a Developing Oil Economy," Dynare Working Papers 49, CEPREMAP.
    18. Temesvary, Judit, 2015. "Foreign activities of U.S. banks since 1997: The roles of regulations and market conditions in crises and normal times," Journal of International Money and Finance, Elsevier, vol. 56(C), pages 202-222.
    19. Fei Han, 2014. "Measuring External Risks for Peru; Insights from a Macroeconomic Model for a Small Open and Partially Dollarized Economy," IMF Working Papers 14/161, International Monetary Fund.
    20. International Monetary Fund, 2014. "Peru; Selected Issues Paper," IMF Staff Country Reports 14/22, International Monetary Fund.

    More about this item

    JEL classification:

    • E0 - Macroeconomics and Monetary Economics - - General
    • F0 - International Economics - - General
    • F3 - International Economics - - International Finance

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