Sobre el retraso cambiario y la repatriación de capitales en una economía dolarizada

Oscar Dancourt ()

No 1993-117, Documentos de Trabajo / Working Papers from Departamento de Economía - Pontificia Universidad Católica del Perú

Abstract: There are two main positions to explain the exchange rate appreciation which occurred during President Fujimori's government. The first one state that this appreciation was caused by a restrictive monetary policy, while the second attributes it to a capital inflow originated by the fall of interest rates in U.S.A. The objective of this paper is to compare both hypotheses through a model which determines the nominal exchange rate and two domestic interest rates, one in domestic currency and the other in foreign currency, assuming imperfect capital mobility and the dollarization of the banking system.

Pages: 32 pages
Date: 1993
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Chapter: Sobre el retraso cambiario y la repatriación de capitales en una economía dolarizada (1999)
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