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Peru: Monetary and Exchange Rate Policies, 1930-1980

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  • Mr. Gonzalo C Pastor Campos

Abstract

This paper reviews monetary and exchange rate policies in Peru in 1930-80. The review covers major transformations to the world economy, including the post-1929 crash and WWII, and changing economic paradigms, such as the collapse of the gold standard and the rise and fall of the Bretton Woods system of fixed exchange rates. The analysis emphasizes the lasting partnership between Peruvian policymakers and the Bretton Woods institutions, while stressing the local authorities’ ownership of final policy decisions. The review shows that, in general, during the fifty year period under analysis, the Peruvian authorities sought to deliver nominal exchange rate stability, even at the cost of introducing market distortions and/or incurring heavy losses in international reserves.

Suggested Citation

  • Mr. Gonzalo C Pastor Campos, 2012. "Peru: Monetary and Exchange Rate Policies, 1930-1980," IMF Working Papers 2012/166, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2012/166
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    2. S. C. Tsiang, 1957. "An Experiment with a Flexible Exchange Rate System: The Case of Peru, 1950-54," IMF Staff Papers, Palgrave Macmillan, vol. 5(3), pages 449-476, February.
    3. Carlos Contreras & Marcos Cueto, 1999. "Historia del Perú contemporáneo," Libros no PUCP / Books other publishers, Otras editoriales / Other publishers, edition 1, number otr-1999-01, November.
    4. Jorge Rojas, 1993. "El Perú hasta 1960. Políticas liberales en una economía abierta," Documentos de Trabajo / Working Papers 1993-109, Departamento de Economía - Pontificia Universidad Católica del Perú.
    5. Edwards, Sebastian, 1983. "Floating Exchange Rates in Less-Developed Countries: A Monetary Analysis of the Peruvian Experience, 1950-54," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 15(1), pages 73-81, February.
    6. Corden, W Max & Neary, J Peter, 1982. "Booming Sector and De-Industrialisation in a Small Open Economy," Economic Journal, Royal Economic Society, vol. 92(368), pages 825-848, December.
    7. J. J. Polak, 1997. "The IMF Monetary Model At Forty," IMF Working Papers 1997/049, International Monetary Fund.
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