El Perú desde 1990: El fin de la restricción externa 

The main purpose of this paper is to emphasize the importance of the externa1 imbalances generated by the economic program of the Fujimori government, presenting the circumstances that explain why these imbalances have been accompanied, paradoxically, by a significative increase in foreign reserves. With this purpose in mind, two alternative explanations of exchange overvaluation and the implications of the dollarization of bank deposits are discussed. It is then argued that the "temporary withdrawal" of Peru from the Andean Group can be seen as another manifestation of the seriousness of the country's external imbalances, and, finally, the fiscal consequences of the way in which the commercial liberalization has been carried out are discussed.