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¿Por qué los países tienen los regímenes de cambio flotante que tienen?

Author

Listed:
  • Ricardo Hausmann
  • Ugo Panizza
  • Ernesto H. Stein

Abstract

(Disponible en idioma inglés únicamente) Los países que tienen lo que se considera como regímenes de cambio flotante (o de bandas muy amplias) muestran patrones notablemente diferentes de conducta. Mantienen niveles sumamente distintos de reservas internacionales y permiten niveles de inestabilidad en cuanto a las fluctuaciones del tipo de cambio muy distintos en relación con la inestabilidad que toleran bien sea al nivel de las reservas o en cuanto a las tasas de interés. Documentamos estas diferencias y presentamos un modelo que las explica como la respuesta óptima a un banco central que intenta minimizar una función de pérdida estándar, en un entorno en el que las empresas se hallan ante limitaciones crediticias y mercados incompletos restringen su capacidad de evitar descalces de la moneda. Este modelo sugiere que la diferencia en la manera en que los países manejan sus sistemas de cambio flotante puede tener que ver con sus diversos niveles de transmisión del tipo de cambio y las diferencias en su capacidad de evitar descalces cambiarios. Ponemos a prueba estas implicaciones y hallamos una relación muy estrecha y sólida entre el patrón de flotación y la capacidad de un país de endeudarse internacionalmente en su propia moneda. Hallamos elementos de juicio más débiles y menos valederos sobre la importancia de la transmisión que explican las diferencias entre los países, con respecto a su gestión monetaria y del tipo de cambio.

Suggested Citation

  • Ricardo Hausmann & Ugo Panizza & Ernesto H. Stein, 2000. "¿Por qué los países tienen los regímenes de cambio flotante que tienen?," Research Department Publications 4206, Inter-American Development Bank, Research Department.
    • Handle: RePEc:idb:wpaper:4206
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    References listed on IDEAS

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