Impacto del tipo de cambio en las decisiones de inversión de las empresas peruana entre 1994 y el 2005
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 companiesâ€™ levels of investment and production. It is necessary an additional high degree of dolarizaciÃ³n 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.
|Date of creation:||2007|
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Web page: http://departamento.pucp.edu.pe/economia/
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