IDEAS home Printed from https://ideas.repec.org/p/col/000089/018008.html
   My bibliography  Save this paper

Precio cuenta (sombra) de la divisa en una estructura de tipo de cambio fijo. Estudio de Caso Bolivia

Author

Listed:
  • Raúl Castro
  • Manuel Felipe Avella

Abstract

El presente documento muestra la aplicación de una metodología para estimar el precio cuenta de eficiencia de la divisa2 bajo un tipo de cambio fijo, se presenta como estudio de caso una aplicación a la economía boliviana, para el periodo 2011-2016. Un régimen del tipo de cambio fijo implica, de manera general, que el país debe tener un stock de reservas internacionales suficiente para mantenerlo en el corto plazo; en el mediano y largo plazo los ajustes en la oferta y demanda de divisas- equilibrio de la cuenta corriente- se realiza vía el tipo de cambio real -precios relativos de los bienes transables (importables y exportables ) y los no transables-, incentivos (subsidios a las exportaciones, entre otros) y/o desincentivos (aranceles, medidas para arancelarias), dado el tipo de cambio nominal fijo. La razón precio cuenta de la divisa bajo estas consideraciones se ve afectada no solo por las elasticidades respectivas o las ponderaciones medias de las importaciones y exportaciones e incentivos y desincentivos respectivos, sino también por la relación del Índice de tipo de cambio real de equilibrio y el Índice del tipo de cambio real vigente (ITCRE/ITCRV). Los resultados muestran que para el caso boliviano existe un desalineamiento entre la tasa de cambio real y la tasa de cambio real de equilibrio de largo plazo y que la razón precio cuenta de la divisa para el periodo 2011-2016 con el método de ponderaciones medias de 1,19 y con el método de elasticidades de 1,19.

Suggested Citation

  • Raúl Castro & Manuel Felipe Avella, 2020. "Precio cuenta (sombra) de la divisa en una estructura de tipo de cambio fijo. Estudio de Caso Bolivia," Documentos CEDE 18008, Universidad de los Andes, Facultad de Economía, CEDE.
    • Handle: RePEc:col:000089:018008
    as

    Download full text from publisher

    File URL: https://repositorio.uniandes.edu.co/bitstream/handle/1992/41117/dcede2020-05.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Daniella de Sousa Vargas & David E. Zeballos Coria, 2015. "La política cambiaria en Bolivia, objetivos y efectividad," Revista de Análisis del BCB, Banco Central de Bolivia, vol. 23(2), pages 65-104, October.
    2. Andrés Gutiérrez, 2009. "La Política Cambiaria y el Control de la Inflación en Bolivia," Development Research Working Paper Series 09/2009, Institute for Advanced Development Studies.
    3. Elio H. Londero, 2003. "Shadow Prices for Project Appraisal," Books, Edward Elgar Publishing, number 3064.
    4. Jeffrey D. Sachs, 1989. "Developing Country Debt and the World Economy," NBER Books, National Bureau of Economic Research, Inc, number sach89-3.
    5. M. Hashem Pesaran & Yongcheol Shin & Richard J. Smith, 2001. "Bounds testing approaches to the analysis of level relationships," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 16(3), pages 289-326.
    6. Lütkepohl,Helmut & Krätzig,Markus (ed.), 2004. "Applied Time Series Econometrics," Cambridge Books, Cambridge University Press, number 9780521839198, October.
    7. Juan Antonio Morales & Jeffrey D. Sachs, 1989. "Bolivia's Economic Crisis," NBER Chapters, in: Developing Country Debt and the World Economy, pages 57-80, National Bureau of Economic Research, Inc.
    8. Lütkepohl,Helmut & Krätzig,Markus (ed.), 2004. "Applied Time Series Econometrics," Cambridge Books, Cambridge University Press, number 9780521547871, October.
    9. Ernesto R Fontaine, 1975. "El Precio Social de la Divisa y la Política de Comercio Exterior," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 12(35), pages 57-80.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. José Alves & Clarisse Wagner, 2024. "Leveraging interest-growth differentials: Hidden effects of government financial assets in the European Union," Working Papers REM 2024/0307, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    2. Kuuluvainen, Jari & Korhonen, Jaana & Wang, Lanhui & Toppinen, Anne, 2021. "Wood market cartel in Finland 1997–2004: Analyzing price effects using the indicator approach," Forest Policy and Economics, Elsevier, vol. 124(C).
    3. Avishek Khanal & Mohammad Mafizur Rahman & Rasheda Khanam & Eswaran Velayutham, 2021. "Are Tourism and Energy Consumption Linked? Evidence from Australia," Sustainability, MDPI, vol. 13(19), pages 1-20, September.
    4. Frömmel, Michael & Garabedian, Garo & Schobert, Franziska, 2011. "Monetary policy rules in Central and Eastern European Countries: Does the exchange rate matter?," Journal of Macroeconomics, Elsevier, vol. 33(4), pages 807-818.
    5. Jamal HUSEIN & Chuck PIER, 2019. "Long-Run Sustainability Of Current Account Balance: Evidence From Twenty North And Latin American Economies," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 19(2), pages 75-90.
    6. Agnolucci, Paolo & De Lipsis, Vincenzo & Arvanitopoulos, Theodoros, 2017. "Modelling UK sub-sector industrial energy demand," Energy Economics, Elsevier, vol. 67(C), pages 366-374.
    7. Muhsin KAR & Saban NAZLIOGLU & Huseyin AGIR, 2014. "Trade Openness, Financial Development, and Economic Growth in Turkey: Linear and Nonlinear Causality Analysis," Journal of BRSA Banking and Financial Markets, Banking Regulation and Supervision Agency, vol. 8(1), pages 63-86.
    8. János Zoltan Varga, 2021. "Effects of the financial crisis and low interest rate environment on interest rate pass-through in Czech Republic, Hungary and Romania," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 71(4), pages 551-567, December.
    9. Kaminski, Jermain & Hopp, Christian & Tykvová, Tereza, 2019. "New technology assessment in entrepreneurial financing – Does crowdfunding predict venture capital investments?," Technological Forecasting and Social Change, Elsevier, vol. 139(C), pages 287-302.
    10. Mai, Nhat Chi, 2019. "Stock Market And Economic Growth In Vietnam," OSF Preprints de8zq, Center for Open Science.
    11. Can Tansel TUGCU, 2013. "Disaggregate Energy Consumption and Total Factor Productivity: A Cointegration and Causality Analysis for the Turkish Economy," International Journal of Energy Economics and Policy, Econjournals, vol. 3(3), pages 307-314.
    12. Liao, Jia & Qian, Qi & Xu, Xiangyun, 2018. "Whether the fluctuation of China’s financial markets have impact on global commodity prices?," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 503(C), pages 1030-1040.
    13. , Aisdl, 2019. "Stock Market And Economic Growth In Vietnam," OSF Preprints ucbhp, Center for Open Science.
    14. Charfeddine, Lanouar & Barkat, Karim, 2020. "Short- and long-run asymmetric effect of oil prices and oil and gas revenues on the real GDP and economic diversification in oil-dependent economy," Energy Economics, Elsevier, vol. 86(C).
    15. Michal Franta, 2012. "Macroeconomic Effects of Fiscal Policy in the Czech Republic: Evidence Based on Various Identification Approaches in a VAR Framework," Working Papers 2012/13, Czech National Bank.
    16. Cohen, Joseph N., 2008. "Managing the Faustian bargain: monetary autonomy in the pursuit of development in Eastern Europe and Latin America," MPRA Paper 22435, University Library of Munich, Germany.
    17. Julien Malizard, 2014. "Dépenses militaires et croissance économique dans un contexte non linéaire. Le cas français," Revue économique, Presses de Sciences-Po, vol. 65(3), pages 601-618.
    18. Bernstein, Ronald & Madlener, Reinhard, 2015. "Short- and long-run electricity demand elasticities at the subsectoral level: A cointegration analysis for German manufacturing industries," Energy Economics, Elsevier, vol. 48(C), pages 178-187.
    19. Bonga-Bonga, Lumengo & Kabundi, Alain, 2015. "Monetary Policy Instrument and Inflation in South Africa: Structural Vector Error Correction Model Approach," MPRA Paper 63731, University Library of Munich, Germany.
    20. Kyritsis, Evangelos & Serletis, Apostolos, 2018. "The zero lower bound and market spillovers: Evidence from the G7 and Norway," Research in International Business and Finance, Elsevier, vol. 44(C), pages 100-123.

    More about this item

    Keywords

    costo de oportunidad de la divisa; precio cuenta (sombra) de la divisa; evaluación de proyectos; cambios en el bienestar; distorsiones; tipo de cambio fijo.;
    All these keywords.

    JEL classification:

    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
    • H43 - Public Economics - - Publicly Provided Goods - - - Project Evaluation; Social Discount Rate
    • J68 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Public Policy
    • F31 - International Economics - - International Finance - - - Foreign Exchange

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:col:000089:018008. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Universidad De Los Andes-Cede (email available below). General contact details of provider: https://edirc.repec.org/data/ceandco.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.