Políticas para la gestión de activos y pasivos soberanos: Una propuesta para el Tesoro del Perú[Policies for sovereign asset and liability management: A proposal for the Treasury of Peru]

This essay discusses policies for decision-making related to sovereign debt and treasury operations, based on a partially dollarized economy like Peru. The methodology used is deductive argumentation. To do this, using organizational theory, international norms and standards, and best practices from other countries as a framework of reference, the situation of financial information and the guidelines or policy orientations that were used until recently are examined. Next, the new criteria and tactics proposed are explained and twelve of the most used theories to explain movements in interest rates and exchange rates are examined. Finally, in response to the evidence that supports, or does not, each theory examined and to the particular nature of the State, the final considerations to take into account to approve and apply a policy framework such as the proposed one are discussed.