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...

Peru has successfully pursued a market-driven financial de-dollarization during the last decade. Dollarization of credit and deposit of commercial banks—across all sectors and maturities—has declined, with larger declines for commercial credit and time and saving deposits. The analysis...

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...

La presente investigación aproxima cuantitativamente las relaciones dinámicas entre los componentes de los precios domésticos de los combustibles y el precio internacional del petróleo WTI, su principal determinante, para el caso peruano durante los años 2000-2009. Este periodo incluye uno...

Imperfection information models where agents solve some kind of signal extraction problem are multiplying and developing fast. They have commonly been used to study the impact of imperfect information on the business cycle and the importance of news versus noise shocks. This paper attempts to...

Some stylized facts for foreign exchange and stock market returns are explored using statistical methods. Formal statistics for testing presence of autocorrelation, asymmetry, and other deviations from normality is applied to these financial returns. Dynamic correlations and different kernel...

El trabajo describe el desarrollo de los sistemas interbancarios de pago de bajo valor en el Perú en el período 2005-2010. Se destaca que las transferencias de crédito han tenido una alta tasa de crecimiento en los últimos cinco años, aunque los valores y volúmenes alcanzados son aún más...

The recent literature on human capital highlights the importance of investments during the first few years after birth as a determinant of economic outcomes later in life, including labour productivity. This paper assesses the relationship between conflict exposure -a transitory, aggregate,...

En el presente trabajo se estima la tasa natural de interés para el Perú en el periodo 2004-2010 mediante dos modelos dentro de un enfoque financiero: un modelo basado en la paridad de intereses y el otro basado en la tasa forward de la curva de rendimiento. La ventaja práctica de los modelos...

This paper presents evidence on the effect of credit supply shocks on exports. Capital flow reversals in Peru during the 2008 financial crisis induced a decline in the supply of credit by domestic banks with high share of foreign-currency denominated liabilities. We use this variation to...