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Comportamiento de los mercados financieros peruanos ante el anuncio del tapering

Author

Listed:
  • Choy, Marylin

    (Banco Central de Reserva del Perú)

  • Cerna, Jorge

    (Banco Central de Reserva del Perú)

Abstract

Una de las consecuencias de las políticas monetarias expansivas en los países desarrollados, especialmente de EEUU, fue el ingreso masivo de inversionistas no resientes en activos emergentes. Muchos analistas advertían que estos flujos eran de corta duración y que la eventual normalización de la política monetaria de la Fed llevaría a una salida masiva de inversionistas de los mercados emergentes, especialmente de renta fija. El Perú ha experimentado un ingreso importante de no residentes en el mercado de bonos del gobierno en moneda local (BTP). Sin embargo, el elevado porcentaje de participación de los no residentes en los montos emitidos de BTP conlleva riesgos asociados a la capacidad del mercado de enfrentar una salida abrupta de estos inversionistas, considerando la limitada liquidez de los mercados locales. En este sentido, el objetivo de este documento es analizar el comportamiento de los mercados financieros peruanos y de sus participantes luego que la Fed anunció, en mayo del 2013, la posibilidad del inicio del tapering. El documento pone especial énfasis en el comportamiento de los inversionistas no residentes y las medidas tomadas por el BCRP.

Suggested Citation

  • Choy, Marylin & Cerna, Jorge, 2014. "Comportamiento de los mercados financieros peruanos ante el anuncio del tapering," Working Papers 2014-011, Banco Central de Reserva del Perú.
    • Handle: RePEc:rbp:wpaper:2014-011
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    References listed on IDEAS

    as
    1. Mr. Serkan Arslanalp & Mr. Takahiro Tsuda, 2014. "Tracking Global Demand for Emerging Market Sovereign Debt," IMF Working Papers 2014/039, International Monetary Fund.
    2. Raddatz, Claudio & Schmukler, Sergio L., 2012. "On the international transmission of shocks: Micro-evidence from mutual fund portfolios," Journal of International Economics, Elsevier, vol. 88(2), pages 357-374.
    3. Choy, Marylin & Chang, Giancarlo, 2014. "Medidas macroprudenciales aplicadas en el Perú," Revista Estudios Económicos, Banco Central de Reserva del Perú, issue 27, pages 25-50.
    4. Koepke, Robin, 2014. "Fed Policy Expectations and Portfolio Flows to Emerging Markets," MPRA Paper 63519, University Library of Munich, Germany, revised 07 Apr 2015.
    5. Eichengreen, Barry & Gupta, Poonam, 2015. "Tapering talk: The impact of expectations of reduced Federal Reserve security purchases on emerging markets," Emerging Markets Review, Elsevier, vol. 25(C), pages 1-15.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Derivados; monedas; bonos; política monetaria;
    All these keywords.

    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates

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