Real Exchange Rate Targeting. ¿Trilema Monetario o Control de Capitales? La Política Fiscal

Javier Gerardo Milei ()
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Revista de Economía y Estadística, 2004, vol. 42, issue 2, 63–87

Abstract: En el presente trabajo se demuestra que la imposibilidad de alcanzar un objetivo de tipo de cambio real postulada por el trilema monetario se supera agregando un instrumento de política económica. Y ante la disyuntiva de elegir entre la política fiscal contracíclica y el control de capitales deberíamos inclinarnos por la primera ya que da como resultado un equilibrio estable, mientras que la segunda no, al margen de lo poco razonable que sería el control de capitales si la economía mostrara un bajo nivel de capitalización. / The paper shows that the impossibility to reach a real exchange rate target, as proposed by the "Monetary Trilemma" can be circumvented by adding one policy instrument. In the choice between countercyclical fiscal policy and control of capital movements, the first one appears as the preferred option, since it provides a stable equilibrium. Not only an equilibrium is not achieved in the second case, but the restrictions to capital movements in an economy whith a low level of capitalization does not look like a sensible choice.

Keywords: Política; fiscal (search for similar items in EconPapers)
JEL-codes: F31 F41 (search for similar items in EconPapers)
Date: 2004
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Persistent link: https://EconPapers.repec.org/RePEc:ief:reveye:v:42:y:2004:i:2:p:63-87

DOI: 10.55444/2451.7321.2004.v42.n2.3807

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