Una función de importaciones para el Perú (1990 - 1999)

During the nineties a combination of external and internal factors caused an increase of the bank credit to private sector in developing economies. In an dollarized economy as the Peruvian, the main part of these credits were denominated in US dollars and would explain the considerably increase in importing activities during the last years. The evidence shown in this work indicates precisely that imports depend directly of the real activity, inversely of the real exchange rate, and directly to dollar availability in the economy. In this context the policy responses has constrained the monetary authorities to control the aggregated credit through an effective bank reserve policy especially for international credit lines.