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

In: Afluencia de Capitales y Estabilización en América Latina

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  • Oscar Dancourt

    (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.
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Suggested Citation

  • Oscar Dancourt, 1999. "Sobre el retraso cambiario y la repatriación de capitales en una economía dolarizada," Capítulos de Libros PUCP / Chapters of PUCP books, in: Afluencia de Capitales y Estabilización en América Latina, edition 1, chapter 7, pages 223-240, Fondo Editorial - Pontificia Universidad Católica del Perú.
    • Handle: RePEc:pcp:pucchp:otr-1994-07-07
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    1. Guillermo A. Calvo & Leonardo Leiderman & Carmen M. Reinhart, 1993. "Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors," IMF Staff Papers, Palgrave Macmillan, vol. 40(1), pages 108-151, March.
    2. Mr. Guillermo Calvo & Mr. Carlos A. Végh Gramont, 1992. "Currency Substitution in Developing Countries: An Introduction," IMF Working Papers 1992/040, International Monetary Fund.
    3. Guillermo A. Calvo & Leonardo Leiderman & Carmen M. Reinhart, 1993. "Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors," IMF Staff Papers, Palgrave Macmillan, vol. 40(1), pages 108-151, March.
    4. Carlos Alfredo Rodríguez, 1993. "Money and Credit Under Currency Substitution," IMF Staff Papers, Palgrave Macmillan, vol. 40(2), pages 414-426, June.
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