CURRENT ACCOUNT BALANCE AND ITS IMPLICATIONS FOR THE REAL EXCHANGE RATE IN PERU

• Autores: Dávila Ángeles, Hugo Fuentes, Céspedes Reynaga, Nikita
• Formato: artículo
• Fecha de Publicación: 2022
• Institución: Universidad San Martin de Porres
• Repositorio: Revista Gobierno y Gestión Pública
• Lenguaje: español
• OAI Identifier: oai:ojs.revistagobiernoydegestionpublica.com:article/304
• Enlace del recurso: https://revistagobiernoygestionpublica.usmp.edu.pe/index.php/RGGP/article/view/304
• Nivel de acceso: acceso abierto
• Materia: Cuenta corriente subyacente; cuenta corriente normativa; tipo de cambio real de equilibrio; desalineamiento cambiario; Underlying current account; normative current account; equilibrium real exchange rate; exchange rate misalignment

The purpose of this study is to estimate the level of the underlying current account and normative current account for Peru and to analyze the implications on the equilibrium real exchange rate level derived by comparing both current account approaches. Among the most important results, we find current account levels below the equilibrium level during the 1998-2001 Russian crisis, the 2008-2009 financial crisis and the 2013-2015 period. Unlike the two periods of international crisis mentioned above, the years 2013-2015 did not see a significant reduction in GDP growth or a prolonged misalignment of the real exchange rate from its fundamentals.