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Tipo de cambio flexible y fijación de metas inflacionarias en Chile: experiencia y aspectos resaltantes

Author

Listed:
  • José De Gregorio
  • Andrea Tokman
  • Rodrigo Valdés

Abstract

(Disponible en idioma inglés) Los primeros cinco años del régimen de tipo de cambio flexible y la fijación de metas inflacionarias en Chile han arrojado resultados positivos. La inflación está controlada, el tipo de cambio ha evolucionado a la par de las condiciones externas, la política monetaria ha sido de tipo anticíclico y todo indica que el ciclo se ha suavizado. Aunque ha aumentado la inestabilidad del tipo de cambio, tal como cabría anticipar con un sistema flexible, lo mismo ha ocurrido en otros países de características similares. Este aumento de la inestabilidad muestra valoraciones extremas del tipo de cambio real más bajas que en el pasado y también se aprecia en otros países con sistemas cambiarios distintos. Avances importantes en la profundización del mercado de derivados, así como una menor transmisión del tipo de cambio a la inflación, han contribuido a mejorar la credibilidad y la viabilidad del actual marco de políticas, al tiempo que se minimizan los costos potenciales derivados de ese marco.

Suggested Citation

  • José De Gregorio & Andrea Tokman & Rodrigo Valdés, 2005. "Tipo de cambio flexible y fijación de metas inflacionarias en Chile: experiencia y aspectos resaltantes," Research Department Publications 4428, Inter-American Development Bank, Research Department.
  • Handle: RePEc:idb:wpaper:4428
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    References listed on IDEAS

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