摘要：La evidencia empírica que se presenta en este trabajo pone en duda la idea generalmente aceptada, de que los programas de estabilización del tipo de cambio son expansionistas. Aunque estos programas fueron asociados a expansiones macroeconómicas, no se encontró ninguna evidencia que éstas hayan sido causadas por ellos. Se encontró que, aparentemente, ambos fueron el resultado de choques externos y positivos
其他摘要：The empirical evidence presented in this paper casts doubts on the by now widely accepted fact that exchange rate based stabilization programs are expansionary. Even though these programs were associated with output booms, no evidence was found to support the thesis that the booms were caused by the stabilization programs. Rather, positive external shocks seem to have caused both the output booms and the stabilization programs
关键词：Choques externos; Programas de estabilización; Tipo de cambio
