Entrada de Capitales y Acumulación de Reservas: Evidencia Reciente

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En los últimos diez años, las autoridades de política en distintos países emergentes han optado por limitar las fluctuaciones del valor de sus monedas respecto al dólar americano. En este documento se utiliza una relación de paridad de tasas de interés para identificar las fuentes potenciales de presiones alcistas en el valor del tipo de cambio y para explicar las opciones de política orientadas a contener dichas presiones. Se documenta en qué medida la acumulación de reservas internacionales ha sido esterilizada y se provee una lista minuciosa de las principales iniciativas de política relacionadas a acotar las fuerzas, que de otra forma apreciarían el tipo de cambio en más de cien países. La evaluación de los esfuerzos de política muestra una amplia variedad de herramientas utilizadas con el objetivo de contener la ola de flujos de capitales.

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Vincent R.
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