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Vivir con la dolarización y el camino hacia la desdolarización

  • Arturo Galindo

    ()

  • Leonardo Leiderman

(Disponible en idioma inglés únicamente) La dolarización financiera en América Latina ha venido aumentando con el tiempo, a pesar de una reducción considerable de la inflación y de un viraje hacia la independencia de los bancos centrales. Luego de tratar los factores estilizados claves de la dolarización y la desdolarización en la región, analizamos los riesgos que conlleva este proceso para la región. En particular, investigamos la validez de las inquietudes sobre la eficacia de la política monetaria en una economía dolarizada y en cuanto a la pérdida de ingresos de monedaje en tal economía. Después de concluir que esas inquietudes carecen en gran medida de una base empírica, nos concentramos en el motivo principal de dicha inquietud: el aumento de la vulnerabilidad a causa de la dolarización de la deuda pública y privada. Hacemos hincapié en la importancia de aplicar medidas preventivas y de regulación, para limitar el alcance de los descalces que pueden surgir de la dolarización de los pasivos, y en el desarrollo de instrumentos financieros concebidos como protección contra el riesgo cambiario. Tratamos además la experiencia de las políticas dirigidas directamente a darle mayor profundidad a los mercados financieros internos en activos en moneda nacional y a ir alargando gradualmente los plazos de vencimiento de esos activos. Hallamos que hay importantes enseñanzas de la experiencia de dolarización en Israel que revisten una relevancia especial para América Latina.

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Paper provided by Inter-American Development Bank, Research Department in its series Research Department Publications with number 4398.

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Date of creation: May 2005
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Handle: RePEc:idb:wpaper:4398
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