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Anatomía y patología de la dolarización

Author

Listed:
  • Gerardo Licandro

    (Banco Central del Uruguay)

  • José Antonio Licandro

    (Banco Central del Uruguay)

Abstract

Este documento profundiza el estudio de los efectos de la dolarización sobre la actividad económica con el objetivo de mejorar el diseño de las distintas políticas económicas, con especial énfasis en el caso Uruguayo. Una de las principales patologías que genera la dolarización es lo que aquí denominamos “fragilidad financiera” y que hace referencia al riesgo de caer en insolvencia ante una devaluación real de magnitud de un deudor en moneda extranjera, riesgo al que no están expuestos los agentes domésticos cuando el ahorro y el crédito son en moneda nacional. Los efectos económicos adversos que puede generar esta situación se propagan a través del sistema financiero y pueden llevar, incluso, a la insolvencia fiscal. De ahí se deduce una estrategia de política económica para países con esta patología que se basa en dos pilares fundamentales. El primero consiste en un reforzamiento de la red de seguridad del sistema financiero mediante la introducción de normas diferenciales de capitalización, encajes y seguro de depósito. El segundo refiere al desarrollo de los mercados en moneda nacional mediante la creación de una unidad indexada al IPC como alternativa efectiva al dólar. Adicionalmente, se concluye que en ambientes dolarizados la política cambiaria debe propender a ajustes de precios relativos graduales en lugar de ajustes bruscos.

Suggested Citation

  • Gerardo Licandro & José Antonio Licandro, 2001. "Anatomía y patología de la dolarización," Documentos de trabajo 2001003, Banco Central del Uruguay, revised Dec 2001.
    • Handle: RePEc:bku:doctra:2001003
    as

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    File URL: https://www.bcu.gub.uy/Estadisticas-e-Indicadores/Documentos%20de%20Trabajo/3.2001.pdf
    File Function: Revised version, 2001
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    References listed on IDEAS

    as
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    Cited by:

    1. Elizabeth Bucacos, 2018. "Financial Conditions and Monetary Policy in Uruguay: An MS-VAR Approach," MIC 2018: Managing Global Diversities; Proceedings of the Joint International Conference, Bled, Slovenia, 30 May–2 June 2018,, University of Primorska Press.

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