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Peru’s Recent Experience in Managing Capital Flows

In: Taming Capital Flows: Capital Account Management in an Era of Globalization

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  • Paul B. Castillo

Abstract

This paper highlights the role played by the buildup of international liquidity buffers and the introduction of preventive measures aimed at reducing financial vulnerabilities during capital surges as key elements of Peru’s recent experience in managing capital flows. It shows how the emphasis of monetary policy on minimizing risks associated with financial dollarization and the improvement in fiscal policy has further contributed to the effectiveness of the policy response against capital reversal episodes, such as in the wake of the collapse of Lehman Brothers.

Suggested Citation

  • Paul B. Castillo, 2015. "Peru’s Recent Experience in Managing Capital Flows," International Economic Association Series, in: Joseph E. Stiglitz & Refet S. Gürkaynak (ed.), Taming Capital Flows: Capital Account Management in an Era of Globalization, chapter 1, pages 7-30, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-137-42768-7_2
    DOI: 10.1057/9781137427687_2
    as

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