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Item type:Publication, El Perú desde 1990 : El fín de la restricción externa?(Pontificia Universidad Católica del Perú. Departamento de Economía, 1993)By focusing on the major foreign imbalances created by the Fujimori administration’s economic program, this paper presents the circumstances that explain why ironically,such imbalances did not happen together with a significant increase in foreign currency reserves. Two alternative explanations for the exchange rate lag are given, and the implications of dollarization for the banking system. It is suggested that Peru’s “temporary withdrawal” from the Andean Group is nothing but a demostration of the country’s degrading foreign accounts. Finally, the paper reviews the consequences of the way economic opening was conducted in Peru. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Fluctuaciones económicas y shocks externos, Perú 1950-1996(Pontificia Universidad Católica del Perú. Departamento de Economía, 1997)The main goal of this paper is to describe the characteristics of business cycle in Peru during 1950-1996, and to show the importance of external shocks for these economic fluctuations.The pattern of economic fluctuations in Peru, in particular the pattern of recessions, seems to be independent of the growth strategy followed (ISI or export of raw materials). The periods of recession are periods of accelerating inflation and of balance of payments crises. Five out of six of the identified recessions are associated with adverse external shocks. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Política monetaria en una economía de mercado dolarizada: un modelo para el Perú(Pontificia Universidad Católica del Perú. Departamento de Economía, 1991)A model to discuss the impact of moneray policy on the free exchange rate, the lending interest rate and level of economic activity. This is a version of the Tobin model (Tobin and Braga, 1980) for short term macroeconomic analysis of a small open economy with a floating exchange rate. However, the bonds and stock markets were removed from the model as well as international capital flows. Instead, loans and deposits markets were added to the model, both of which are nevertheless examined from the Tobian perspective (Tobin 1968, 1969) - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Sobre la hiperinflación peruana(Pontificia Universidad Católica del Perú. Departamento de Economía, 1989)El propósito de este artículo es contar la historia de las hiperinflaciones; algunas ideas-fuerza surgidas a partir de la literatura consultada, buscan capturar las peculiaridades de la hiperinflación peruana y contar una historia no-monetarista de ella. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Hiperinflación y política económica en el Perú: una interpretación(Pontificia Universidad Católica del Perú. Departamento de Economía, 1989-07)Intenta analizar los efectos de la política económica vigente sobre al comportamiento actual de la economía peruana a través de un modelo maeroeconómico de corto plazo con dos bienes (transable y no transable) y dos activas (dinero nacional y dinero extranjero). Sólo con una palabra puede describirse este comportamiento: hiperinflación. An attempt to review the impact of present economic policy on the ongoing behavior of Peru’s economy using a short term macroeconomic model for two goods (tradable and non tradable) and two assets (local currency and foreign currency). This behavior can be described in one word: hyperinflation. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Flujos de capital, política monetaria y equilibrio externo(Pontificia Universidad Católica del Perú. Departamento de Economía, 1996)Unlike what happenned in most Latin American economies after the Mexican crisis,the Peruvian trade deficit kept on growing during 1995, in spite of the application ofrestrictive fiscal and monetary policies. In this paper, a model with free capital mobility, flexible exchange rates and a dollarized banking system is used to show a rather unusual result: that a restrictive monetary policy worsens the commercial deficit. In this institutional framework, capital controls are needed for the Central Bank to be able to regulate the total supply of domestic credit, which in time is a required condition for a restrictive monetary policy to improve the trade balance. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Los dos canales de transmisión de la política monetaria en una economía dolarizada(Pontificia Universidad Católica del Perú. Departamento de Economía, 1999)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. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Inflation Targeting in Peru: The Reasons for the Success(Pontificia Universidad Católica del Perú. Departamento de Economía, 2014)The Peruvian central bank took two major decisions in the early 2000s: implementing an inflation target system and accumulating sufficient foreign-exchange reserves. These two decisions have allowed the central bank to preserve macroeconomic stability in favorable or unfavorable international environments. The use and impact of the main monetary policy instruments over the period 2002-2013 is discussed; namely, the short term interest rate set by the central bank or reference interest rate, the reserve requirement ratio in local and foreign currencies and, finally, sterilized intervention in the foreign exchange market. The process of bank credit (de)dollarization is also reviewed. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Una propuesta de reforma monetaria para acabar con la Hiperinflación(Pontificia Universidad Católica del Perú. Departamento de Economía, 1990)A proposal to address the imperative need to stop hyperinflation ravaging Peru’s economy since September 1988. Only two ways to address this issue have been proposed according to the author. The first one is correcting relative prices through an inflation shock that would increase the nominal exchange rate and real public prices. The other option is to stop hyperinflation through monetary reform. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Deuda vs. crecimiento : un dilema político(Pontificia Universidad Católica del Perú. Departamento de Economía, 1987)Discute el sustrato macroeconómico del dilema político del pago, o no, de la deuda externa peruana, tal como se presenta en la economía peruana, bajo el supuesto que hace equivalente mantener el favor del electorado y elevar el nivel de la actividad económica.
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