Los dos canales de transmisión de la política monetaria en una economía dolarizada
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.
Year of publication: |
1999
|
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Authors: | Dancourt, Oscar ; Waldo Mendoza B. |
Institutions: | Departamento de Economía, Pontificia Universidad Católica del Perú |
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