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Flujos de capital, política monetaria y equilibrio externo

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Listed:
  • Oscar Dancourt

    () (Departamento de Economía- Pontificia Universidad Católica del Perú)

  • Waldo Mendoza

    () (Departamento de Economía- Pontificia Universidad Católica del Perú)

Abstract

Unlike what happenned in most Latin American economies after the Mexican crisis, the Peruvian trade deficit kept on growing during 1995, in spite of the application of restrictive fiscal and monetary policies. In this paper, a model with free capital mobility, flexible exchange rates and a dollarized banking system is used to show a rather unusual result: that a restrictive monetary policy worsens the commercial deficit. In this institutional framework, capital controls are needed for the Central Bank to be able to regulate the total supply of domestic credit, which in time is a required condition for a restrictive monetary policy to improve the trade balance.

Suggested Citation

  • Oscar Dancourt & Waldo Mendoza, 1996. "Flujos de capital, política monetaria y equilibrio externo," Documentos de Trabajo / Working Papers 1996-126, Departamento de Economía - Pontificia Universidad Católica del Perú.
  • Handle: RePEc:pcp:pucwps:wp00126
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    File URL: http://files.pucp.edu.pe/departamento/economia/DDD126.pdf
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    1. repec:mes:challe:v:33:y:1990:i:4:p:57-59 is not listed on IDEAS
    2. Dioniso Dias CArneiro & Rogerio Werneck, 1989. "Brazil: Growth exercices for the nineties," Textos para discussão 226, Department of Economics PUC-Rio (Brazil).
    3. Alan Fairlie, 1994. "Una lectura peruana del plan de convertibilidad argentino," Documentos de Trabajo / Working Papers 1994-118, Departamento de Economía - Pontificia Universidad Católica del Perú.
    4. Gloria Canales, 1992. "Tasa de cambio real efectiva y exportaciones de manufacturados. El caso de Brasil," Documentos de Trabajo / Working Papers 1992-101, Departamento de Economía - Pontificia Universidad Católica del Perú.
    5. Alan Fairlie, 1993. "Precios relativos y cambio de régimen en el Perú: del fracaso de la heterodoxia a la hiperinflación," Documentos de Trabajo / Working Papers 1993-114, Departamento de Economía - Pontificia Universidad Católica del Perú.
    6. Solimano,Andres R., 1990. "Macroeconomic constraints for medium term growth and distribution : a model for Chile," Policy Research Working Paper Series 400, The World Bank.
    7. Dionisio Dias Carneiro & Rogerio L. F. Werneck, 1988. "External debt, economic growth and fiscal adjustment," Textos para discussão 202, Department of Economics PUC-Rio (Brazil).
    8. Edmar Bacha, 1982. "Growth with limited supplies of foreign exchanges: a reappraisal of the two-gap model," Textos para discussão 26, Department of Economics PUC-Rio (Brazil).
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    Cited by:

    1. Dancourt, Oscar, 1999. "Neoliberal reforms and macroeconomic policy in Peru," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), April.

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