Acerca de las ventajas comparadas de sistemas de "Crawling-Peg" activo y pasivo en la economía pequeña

Abstract

This paper tries to study the temporal dynamic properties of different crawling-peg exchange rate systems with the purpose of analyzing whether these alternative exchange rate rules can be sustained over time. The paper contradicts previous results reached with the PPA rule. It is shown –among several other results- that once the real sector is adjusted, the financial sector behaves exactly like the strict PPA rule and consequently it shares its problems, multiple equilibria, lateral stability and eventual collapse.