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Decisiones de Inversión en Empresas con Dolarización Financiera

Listed author(s):
  • Azabache, Pablo

    ()

    (Banco Central de Reserva del Perú
    Universidad de San Martín de Porres)

El objetivo de esta investigación es evaluar el efecto hoja de balance en la economía peruana. Para ello, se utilizó información contable, para el periodo 1998-2009, de 114 empresas del sector real. En una primera etapa, se estimaron diversas especificaciones sin incluir variables de control del efecto competitividad, lo que permitió determinar qué efecto es mayor: el efecto competitividad (positivo) o el efecto patrimonio (negativo). Se encontró un efecto hoja de balance negativo y estadísticamente significativo, lo que da evidencia que el efecto patrimonio fue mayor que el efecto competitividad. Es decir, después de una depreciación real las empresas que mantienen deuda en dólares invierten relativamente menos que las empresas que sólo mantienen deuda en moneda nacional. Estos resultados son robustos al método de estimación y a la inclusión de variables de control que miden el impacto de otros choques macroeconómicos, alternativos al tipo de cambio. En una segunda etapa, se incluyó controles del efecto competitividad, lo que permitió estimar el efecto patrimonio y el efecto competitividad por separado. Los resultados muestran un efecto patrimonio negativo y un efecto competitividad positivo, ambos estadísticamente significativos.

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File URL: http://www.bcrp.gob.pe/docs/Publicaciones/Documentos-de-Trabajo/2011/Documento-de-Trabajo-23-2011.pdf
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Paper provided by Banco Central de Reserva del Perú in its series Working Papers with number 2011-023.

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Date of creation: Dec 2011
Handle: RePEc:rbp:wpaper:2011-023
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  1. Aghion, Philippe & Bacchetta, Philippe & Banerjee, Abhijit, 2001. "Currency crises and monetary policy in an economy with credit constraints," European Economic Review, Elsevier, vol. 45(7), pages 1121-1150.
  2. Aghion, Philippe & Bacchetta, Philippe & Banerjee, Abhijit, 2004. "A corporate balance-sheet approach to currency crises," Journal of Economic Theory, Elsevier, vol. 119(1), pages 6-30, November.
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  13. Pratap, Sangeeta & Lobato, Ignacio & Somuano, Alejandro, 2003. "Debt composition and balance sheet effects of exchange rate volatility in Mexico: a firm level analysis," Emerging Markets Review, Elsevier, vol. 4(4), pages 450-471, December.
  14. Azabache, Pablo, 2009. "Efectos No-Lineales de las Variaciones del Tipo de Cambio Sobre el Riesgo Cambiario-Crediticio. Evidencia Empírica para Perú," Revista Estudios Económicos, Banco Central de Reserva del Perú, issue 18, pages 41-59.
  15. Loveday L., James & Molina C., Oswaldo & Rivas-Llosa M., Roddy, 2004. "Mecanismos de transmisión de la política monetaria y el impacto de una devaluación en el nivel de las firmas," Revista Estudios Económicos, Banco Central de Reserva del Perú, issue 12.
  16. Luis Felipe Cespedes & Roberto Chang & Andres Velasco, 2002. "IS-LM-BP in the Pampas," NBER Working Papers 9337, National Bureau of Economic Research, Inc.
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