3. Producción
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Item type:Publication, La política monetaria en el Perú : metas versus discrecionalidad(Pontificia Universidad Católica del Perú. Departamento de Economía, 1993)The debate on the objectives of discretionary monetary policy in Peru. A short term microfinancial model including the structural characteristics of Peru’s financial system, the overpowering presence of the banking system on corporate financing and dollarized wealth in the private sector. The Central Bank-s conduct of business is also reviewed, given its role in fixing prices or quantities. Finally, the paper points to the implications of the banking system’s dollarization on monetary policy. - 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.