Showing 1 - 9 of 9
In recent years the theoretical and empirical literature has shown a tendency to discard the use of money in monetary policy. This paper provides an empirical evaluation of the relevance of monetary aggregates in the conduct of monetary policy in Peru, a small open and partially dollarized...
Persistent link: https://www.econbiz.de/10008784776
El objetivo de este trabajo es profundizar la identificación de los episodios de “auge crediticio” en el Perú. Éste se define como aquel periodo durante el cual el crédito al sector privado se incrementa por encima de lo usual durante una típica fase expansiva del ciclo económico y...
Persistent link: https://www.econbiz.de/10005200362
En este trabajo se identifica las no-linealidades y asimetrías del ciclo del crédito bancario para Perú en el periodo 1994 - 2010. Estas características del crédito son importantes porque los lineamientos de política monetaria, la regulación financiera y el planeamiento estratégico de...
Persistent link: https://www.econbiz.de/10009322993
This paper investigates the empirical relationship between credit and output in Peru. The analysis is based on the estimation of vector error correction models and the identification of structural shocks. The models considered include real output, real credit growth (in domestic currency,...
Persistent link: https://www.econbiz.de/10009399725
This paper provides an overview of the Reserve Requirements measures undertaken by the Central Bank of Peru. We provide a rationale for the use of these instruments as well as empirical evidence on their effectiveness. In general, the results show that a reserve requirement tightening has the...
Persistent link: https://www.econbiz.de/10010748392
This paper presents an extension of the model proposed by Bernanke and Mihov (1998), which includes financial dollarization, in order to estimate the effects of monetary policy in Peru for the period 1995-2009. The results show that the effects of monetary policy in a dollarized economy are...
Persistent link: https://www.econbiz.de/10008752905
In the past ten years the Peruvian economy has experienced important structural changes regarding monetary policy. This document focuses on the bank lending channel as part of the transmission process to macroeconomic activity in the Peruvian economy based on Bernanke, Gertler, and Gilchrist...
Persistent link: https://www.econbiz.de/10008784777
Emerging economies were largely affected because of FED's quantitative easing (QE) policies. This paper assesses the impact of these measures in terms of key macroeconomic variables for a small open economy (SOE) such as Peru. We identify QE policy shocks in a SVAR with Block Exogeneity (Zha,...
Persistent link: https://www.econbiz.de/10011106758
This paper quantifies the dynamic macroeconomic effects derived from both; shocks to conventional monetary policy and shocks to reserve requirement ratios applied to bank deposits in Peru. The analysis tackles reserve requirements on domestic as well as foreign currency deposits. Structural...
Persistent link: https://www.econbiz.de/10011106764