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ResumenEl régimen de libre flotación del tipo de cambio vigente a partir de diciembre de 1994 en México, no se diferencia del régimen de bandas cambiarias que predominó de 1991 a 1994. En realidad, no se ha dejado flotar el tipo de cambio y éste no ha sido determinado libremente en el mercado sin la intervención de las autoridades monetarias. Más bien, el banco central y la Comisión de Cambios han hecho uso de las dos principales herramientas -tasa de interés y reservas internacionales- para incidir sobre la determinación del tipo de cambio, tratando así de mantener dicha variable relativamente estable con miras a que ello no tenga un impacto significativo sobre precios. Los mercados cambiarios en la era moderna, se han caracterizado por mostrar un número de transacciones cambiarias con motivos financieros extremadamente mayores que multiplican el volumen operado por transacciones comerciales. El caso de México no ha sido la excepción dada su condición de economía abierta, los flujos de capital se han convertido en la fuerza dominante para fijar los tipos de cambio, lo que ha repercutido en una sobrevaluación del tipo de cambio nominal, colocando a la economía nacional en un contexto de vulnerabilidad.AbstractThe free-floating regime that has been enforced since December 1994 in Mexico, was portrayed as a better outcome for the economy, however the goals of the authorities were similar to the banded regime from 1991 to 1994. In fact, the Central Bank and Exchange Commission still do not permit the currency to float. Furthermore, an active monetary intervention prevents the currency from being determined by the market. Rather, the central bank and the Exchange Commission have been using the two main tools -interest rates and reserves- to influence in the exchange rate determination. These organizations are working to maintain stable exchange rates in order to fluctuations or changes in domestic prices. The foreign exchange markets in the modern era have been characterized for showing an increasing number of exchange transactions primarily for financial reasons, overcoming the volume of trade transactions. Mexico has made no exception. Given its nature as an open economy, the capital inflows have become the dominant force in setting exchange rates, and it has had a direct impact in a stronger nominal exchange rate overvaluation, placing the national economy in a high vulnerable environment

Estabilidad del tipo de cambio nominal: conducción de la política cambiaria en México y apreciación cambiaria