Los dos canales de transmisión de la política monetaria en una economía dolarizada

Oscar Dancourt () and Waldo Mendoza

No 1999-162, Documentos de Trabajo / Working Papers from Departamento de Economía - Pontificia Universidad Católica del Perú

Abstract: The purpose of this paper is to study the transmission mechanism of monetary policy under an institutional framework characterized by a dollarized banking system, a flexible exchange rate and free capital movements. The main result of this study is that a restrictive monetary policy can reactivate the economy if the share of their private debt in dollars is greater. Since a restrictive monetary policy increases the domestic interest rate and appreciates the exchange rate, the real burden of private debt can be reduced, and to increase the private expensive.

Pages: 39 pages
Date: 1999
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