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Flujo de capitales, política monetaria e intervención cambiaria en el Perú

  • Rossini, Renzo
  • Quispe, Zenón
  • Rodríguez, Donita

Este artículo describe las principales características de las intervenciones esterilizadas en el mercado cambiario y el uso de los instrumentos de política no convencional por parte del Banco Central de Reserva del Perú, con el fin de evitar auges o caídas desmesuradas del crédito en el contexto de un sistema financiero parcialmente dolarizado. Este marco de políticas monetarias se basa en un enfoque de manejo de riesgos, que incluye como principal instrumento a la tasa de interés de referencia dentro de un régimen de metas de inflación. Este marco ayudó a reducir el impacto de la reciente crisis global en la economía peruana y permitió mantener el crecimiento con inflación baja, evitando las distorsiones propias derivadas del ingreso masivo de capitales externos.

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File URL: http://www.bcrp.gob.pe/docs/Publicaciones/Revista-Estudios-Economicos/25/ree-25-rossini-quispe-rodriguez.pdf
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Article provided by Banco Central de Reserva del Perú in its journal Revista Estudios Económicos.

Volume (Year): (2013)
Issue (Month): 25 ()
Pages: 39-50

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Handle: RePEc:rbp:esteco:ree-25-03
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  1. Paul Castillo & Diego Winkelried, 2005. "Dollarization Persistence and Individual Heterogeneity," Macroeconomics 0512014, EconWPA, revised 31 Dec 2005.
  2. Renzo Rossini & Zenon Quispe & Donita Rodriguez, 2011. "Capital flows, monetary policy and forex intervention in Peru," BIS Papers chapters, in: Bank for International Settlements (ed.), Capital flows, commodity price movements and foreign exchange intervention, volume 57, pages 261-274 Bank for International Settlements.
  3. Zenon Quispe & Renzo Rossini, 2011. "Monetary policy during the global financial crisis of 2007-09: the case of Peru," BIS Papers chapters, in: Bank for International Settlements (ed.), The global crisis and financial intermediation in emerging market economies, volume 54, pages 299-316 Bank for International Settlements.
  4. Rodríguez, Donita & Winkelried, Diego, 2011. "¿Qué explica la evolución del tipo de cambio real de equilibrio en el Perú? 1992–2009," Revista Moneda, Banco Central de Reserva del Perú, issue 147, pages 9-14.
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