Peru : Monetary and Exchange Rate Policies, 1930-1980

Author/Editor: Gonzalo C. Pastor
Publication Date: June 01, 2012
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate
Summary: This paper reviews monetary and exchange rate policies in Peru in 1930-80. The review covers major transformations to the world economy, including the post-1929 crash and WWII, and changing economic paradigms, such as the collapse of the gold standard and the rise and fall of the Bretton Woods system of fixed exchange rates. The analysis emphasizes the lasting partnership between Peruvian policymakers and the Bretton Woods institutions, while stressing the local authorities’ ownership of final policy decisions. The review shows that, in general, during the fifty year period under analysis, the Peruvian authorities sought to deliver nominal exchange rate stability, even at the cost of introducing market distortions and/or incurring heavy losses in international reserves.
Series: Working Paper No. 12/166
Subject(s): Economic growth | Economic indicators | Exchange rate regimes | Monetary policy

Author's Keyword(s): Peru monetary and exchange rate policies | Bretton Woods system | Polak model
Publication Date: June 01, 2012
ISBN/ISSN: 9781475505146/1018-5941 Format: Paper
Stock No: WPIEA2012166 Pages: 69
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