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Los dos canales de transmisión de la política monetaria en una economía dolarizada

Author

Listed:
  • Oscar Dancourt

    (Departamento de Economía- Pontificia Universidad Católica del Perú)

  • Waldo Mendoza B.

    (Departamento de Economía- Pontificia Universidad Católica del Perú)

Abstract

The purpose of this paper is to study the transmission mechanism of monetary policy under an institutional framework characterized by a dollarized banking system, a flexible exchange rate and free capital movements. The main result of this study is that a restrictive monetary policy can reactivate the economy if the share of their private debt in dollars is greater. Since a restrictive monetary policy increases the domestic interest rate and appreciates the exchange rate, the real burden of private debt can be reduced, and to increase the private expensive.

Suggested Citation

  • Oscar Dancourt & Waldo Mendoza B., 1999. "Los dos canales de transmisión de la política monetaria en una economía dolarizada," Documentos de Trabajo / Working Papers 1999-162, Departamento de Economía - Pontificia Universidad Católica del Perú.
    • Handle: RePEc:pcp:pucwps:wp00162
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    File URL: http://files.pucp.edu.pe/departamento/economia/DDD162.pdf
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    Cited by:

    1. Rosemary Thorp and Graciela Zevallos, "undated". "The Economic Policies Of The Fujimori Years: A Return To The Past?," QEH Working Papers qehwps83, Queen Elizabeth House, University of Oxford.

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