As a response to the COVID-19 shock, the Uruguayan government expanded an existing public credit guarantee and introduced deductions in local currency reserve requirements. Policies of the same nature were also implemented by several governments throughout the world. This paper contributes to...

This paper contributes to the financial additionality literature and the literature on the bank lending view of the monetary policy by analyzing the impact of these type of policies on loans' interest rate spread over the interbank rate. Using a very detailed database on loan contracts, we...

Motivated by the dominant role of the US dollar, we explore how monetary policy (MP) shocks in the US can affect a small open economy through the expectation channel. We combine data from a panel survey of firms' expectations in Uruguay with granular information about firms' debt position and...