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Decisiones de Inversión en Empresas con Dolarización Financiera

Author

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  • Azabache, Pablo

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

Abstract

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.

Suggested Citation

  • Azabache, Pablo, 2011. "Decisiones de Inversión en Empresas con Dolarización Financiera," Working Papers 2011-023, Banco Central de Reserva del Perú.
  • Handle: RePEc:rbp:wpaper:2011-023
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    References listed on IDEAS

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    Keywords

    Efecto hoja de balance; inversión; modelo de datos de panel;

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