Una de las consecuencias de las políticas monetarias expansivas en los países desarrollados, especialmente de EEUU, fue el ingreso masivo de inversionistas no resientes en activos emergentes. Muchos analistas advertían que estos flujos eran de corta duración y que la eventual normalización...

Una de las consecuencias de las políticas monetarias expansivas aplicadas en los países desarrollados es el crecimiento de los mercados financieros en países emergentes como el Perú. No solo se observa una evolución de los mercados domésticos, sino que su integración a los mercados...

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...

Estimamos el indicador de competencia H de Panzar y Rosse (1987) en la industria bancaria en el Perú para el periodo enero de 2001 hasta diciembre de 2013. Encontramos que este índice se encuentra alrededor de 0.5, consistente con una estructura de mercado de competencia monopolística. No...

This paper studies the properties of an economy subject to random liquidity shocks. As in Kiyotaki and Moore [2008], liquidity shocks affect the ease with which equity can be used as to finance the down-payment for new investment projects. We obtain a liquidity frontier which separates the...

Cross-country evidence suggests that during recent years a large fraction of developing countries seem to began to overcome fear of oating, i.e., a lower relative volatility of exchange rates to monetary policy instruments. To explain this trend, we build a model that describes the behavior of...

The Peruvian financial system is highly dollarized with more than 50 per cent of deposits held in dollars. The structure and operation of the payment system reflect this financial dollarization. Not only does it settle payments in local and foreign currency, but the Intraday Financial Facility...

This paper assesses the policies implemented in the Peruvian economy in response to the sudden stop of capital flows of the end of the nineties. The Peruvian experience during this episode is an interesting case-study because it offers an example of a highly dollarized economy where a sudden...

Se propone una metodología alternativa de identificación de episodios de auge crediticio que incorpora fundamentos económicos. Un episodio de auge crediticio se define como un período durante el cual la trayectoria del nivel de crédito se desvía "en exceso" respecto de su "tendencia",...

In everyday macroeconomic analysis, businessmen and policymakers monitor many variables in order to assess the current situation of a country’s business cycle. However, making this assessment is extremely difficult, especially on the verge of recessions: does a drop in one or more of these...