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Desarrollo del sistema financiero en Bolivia y convergencia de los objetivos de política monetaria y macroprudencial

Author

Listed:
  • Álvaro Céspedes Tapia
  • Javier Cossio Medinacelly

    (Banco Central de Bolivia)

Abstract

Este documento analiza la coordinación de las políticas monetaria y macroprudencial y sus efectos en el desarrollo financiero de Bolivia entre 2006 – 2017. Se evidencia que en los últimos años se registraron importantes avances en el desarrollo del sistema financiero, en un ámbito de alta convergencia de los objetivos de política monetaria (estabilidad de precios) y macroprudencial (estabilidad financiera). Asimismo, la evaluación del encaje legal por monedas, verifica que los mayores rendimientos de la moneda nacional respecto a la moneda extranjera, impulsados por la política monetaria, coadyuvaron a la desdolarización de la economía y a la estabilidad financiera. Para evaluar el grado de convergencia de los objetivos de política monetaria y macroprudencial, se recurrió a criterios estadísticos y modelos de Vectores Autorregresivos Cointegrados. De esta manera, se constató empíricamente que la estabilidad financiera, las condiciones monetarias, el crecimiento del PIB, y una brecha de inflación baja o nula, explicarían de manera significativa el desarrollo financiero del país.

Suggested Citation

  • Álvaro Céspedes Tapia & Javier Cossio Medinacelly, 2020. "Desarrollo del sistema financiero en Bolivia y convergencia de los objetivos de política monetaria y macroprudencial," Revista de Análisis del BCB, Banco Central de Bolivia, vol. 32(1), pages 201-263, January -.
    • Handle: RePEc:blv:journl:v:32:y:2020:i:1:p:201-263
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    More about this item

    Keywords

    Política monetaria; política macroprudencial; estabilidad financiera y estabilidad de precios; Vectores Autorregresivos Cointegrados;
    All these keywords.

    JEL classification:

    • C1 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation

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