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Terminos de intercambio, afluencia extraordinaria de divisas y tipo de cambio real en America Latina

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  • Michael J. Twomey

Abstract

Se formulara y estimara un modelo que incorpora factores monetarios, terminos de intercambio externos y otros factores relativos a la afluencia extraordinaria de divisas como variables determinantes del tipo de cambio real. Esto permite una comparación estadística de la intensidad de los procesos de equilibrio y de desequilibrio que afectan el tipo de cambio real. Los resultados destacan el rol que han jugado los términos de intercambio en la alteracion del tipo de cambio de equilibrio en América Latina. Mas aun, estos resultados sugieren que cuando los terminos de intercambio son muy variables, las dos medidas de tipo de cambio real mas usadas mostraran señales bastante inconsistentes con el estado de la economia.

Suggested Citation

  • Michael J. Twomey, 1991. "Terminos de intercambio, afluencia extraordinaria de divisas y tipo de cambio real en America Latina," Revista Economía, Fondo Editorial - Pontificia Universidad Católica del Perú, vol. 0(28), pages 275-306.
    • Handle: RePEc:pcp:pucrev:y:1991:i:28:p:275-306
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