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Paquetes de rescate de la balanza de pagos: ¿Pueden funcionar o no?

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  • Eduardo Fernández-Arias

Abstract

(Disponible en idioma inglés únicamente) En este trabajo se genera una tipología de crisis de la balanza de pagos con expectativas racionales, específicamente crisis de liquidez y solvencia. La aplicación ex post de dispositivos de rescate financiero oficial de magnitud suficiente es una cura perfecta para las crisis de liquidez, pero representa un rescate ineficaz y costos de los inversionistas privados en el caso de crisis de solvencia. La anticipación de programas de rescate alienta el endeudamiento, lo cual a su vez anula toda mejora de la solvencia. Debido a las probables imperfecciones de su aplicación, los programas de rescate reales conllevan pérdidas financieras para el sector público y fácilmente pueden ser contraproducentes debido al riesgo moral.

Suggested Citation

  • Eduardo Fernández-Arias, 1996. "Paquetes de rescate de la balanza de pagos: ¿Pueden funcionar o no?," Research Department Publications 4047, Inter-American Development Bank, Research Department.
    • Handle: RePEc:idb:wpaper:4047
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