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Intervención cambiaria en el Perú: 2007 a 2013

Author

Listed:
  • Rossini, Renzo
  • Quispe, Zenón
  • Serrano, Enrique

Abstract

La expansión monetaria sin precedentes implementada por los bancos centrales de países desarrollados en años recientes generó un nivel extraordinario de flujos de capitales hacia los países emergentes, y mantuvo altos los precios de commodities. En este documento, se describe que la respuesta de política implementada por el Perú para enfrentar estos flujos se basó en las intervenciones cambiarias esterilizadas en el mercado cambiario y el uso de requerimientos de encaje sobre los pasivos externos de los bancos locales. Ambos instrumentos contribuyeron de manera significativa a reducir excesos de volatilidad del tipo de cambio, incrementar las reservas internacionales y asegurar el flujo normal del crédito.

Suggested Citation

  • Rossini, Renzo & Quispe, Zenón & Serrano, Enrique, 2014. "Intervención cambiaria en el Perú: 2007 a 2013," Revista Estudios Económicos, Banco Central de Reserva del Perú, issue 27, pages 9-24.
    • Handle: RePEc:rbp:esteco:ree-27-01
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    File URL: https://www.bcrp.gob.pe/docs/Publicaciones/Revista-Estudios-Economicos/27/ree-27-rossini-quispe-serrano.pdf
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    References listed on IDEAS

    as
    1. Alberto Humala & Gabriel Rodriguez, 2010. "Foreign exchange intervention and exchange rate volatility in Peru," Applied Economics Letters, Taylor & Francis Journals, vol. 17(15), pages 1485-1491.
    2. Mr. Luis M. Cubeddu & Mr. Camilo E Tovar Mora & Ms. Evridiki Tsounta, 2012. "Latin America: Vulnerabilities Under Construction?," IMF Working Papers 2012/193, International Monetary Fund.
    3. Broto, Carmen, 2013. "The effectiveness of forex interventions in four Latin American countries," Emerging Markets Review, Elsevier, vol. 17(C), pages 224-240.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Bank for International Settlements, 2019. "Reserve management and FX intervention," BIS Papers, Bank for International Settlements, number 104.
    2. Flavio Pérez Rojo & Gabriel Rodríguez, 2023. "Jane Haldimand Marcet: Impact of Monetary Policy Shocks in the Peruvian Economy Over Time," Documentos de Trabajo / Working Papers 2023-523, Departamento de Economía - Pontificia Universidad Católica del Perú.
    3. Lorena Keller, 2018. "Prudential Capital Controls and Risk Misallocation: Bank Lending Channel," 2018 Meeting Papers 129, Society for Economic Dynamics.
    4. Renzo Rossini & Adrian Armas & Paul Castillo & Zenon Quispe, 2019. "International reserves and forex intervention in Peru," BIS Papers chapters, in: Bank for International Settlements (ed.), Reserve management and FX intervention, volume 104, pages 191-207, Bank for International Settlements.

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    More about this item

    JEL classification:

    • 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

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