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Impacto del tipo de cambio en las decisiones de inversión de las empresas peruana entre 1994 y el 2005


  • Luis Saldaña
  • Mario Velásquez


This paper examines the potential negative effects produced by a devaluation on an economy as the Peruvian utilizing a microeconomic analysis. The authors have examined the balance sheets pertaining to 182 non-financial companies and they have demonstrated that a devaluation for itself is not sufficient to guarantee a negative effect on the Peruvian companies’ levels of investment and production. It is necessary an additional high degree of dolarización of passives and a context of financial instability in order that the Balance-Sheet effect operates perniciously. On the other hand, it has been determined that the existence of two additional factors tends to promote the harmful effect of a devaluation: (i) the periods of economic recession, and (ii) the small size of firms. Concerning this last factor, it has been determined that the Balance-Sheet Effect operates asymmetrically since it strikes to small companies with a higher intensity.

Suggested Citation

  • Luis Saldaña & Mario Velásquez, 2007. "Impacto del tipo de cambio en las decisiones de inversión de las empresas peruana entre 1994 y el 2005," Documentos de Trabajo / Working Papers 2007-254, Departamento de Economía - Pontificia Universidad Católica del Perú.
  • Handle: RePEc:pcp:pucwps:wp00254

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