Advanced Search
MyIDEAS: Login to save this article or follow this journal

El mecanismo de la transmisión monetaria en México

Contents:

Author Info

  • Copelman, Martina

    (División de Finanzas Internacionales de la Junta de la Reserva Federal, Washington, D.C.)

  • Werner, Alejandro M.

    (Departamento de Investigación del Fondo Monetario Internacional, Washington, D.C.)

Registered author(s):

    Abstract

    An important question in macroeconomics has been how the transmission mechanism of monetary policy works. In particular, the question of whether there exists a credit channel for the transmission of monetary policy has been one of the central themes in the discussion of the effectiveness of monetary policy. If this channel exists, then shocks to credit markets, particularly to bank loans, can have real effects. This paper presents new evidence on the credit hypothesis for the case of Mexico after 1984. We present a simple variant of the open economy IS-LM model includes a credit channel. The model has the following empirical implications which are absent from models which do not include a credit channel. We show that changes in the expectations of devaluation, the desired cash/deposit ratio, and measures of financial deregulation, will have real effects because they change the quantity of credit available in the economy. We explore these implications of the model through standard VAR techniques and find that the evidence strongly supports the credit view. We find that the impact on economic activity of credit and nominal depreciation rate shocks is very significant.// Un interrogante importante, en el campo de la macroeconomía, ha sido el de la opresión del mecanismo de transmisión de la política monetaria. En particular, la posible existencia de un canal crediticio para la transmisión de la política monetaria es uno de los temas centrales en la discusión de la eficacia de la política monetaria. Si este canal existe,los choques experimentados por los mercados de crédito, en particular por los préstamos bancarios, pueden tener efectos reales. Este ensayo presenta nuevos datos de la hipótesis del crédito para el caso de México después de 1984. Presentamos una variante simple del modelo IS-LM para la economía abierta que incluye un canal para el crédito. El modelo tiene las siguientes consecuencias empíricas, ausentes en los modelos que no incluyen un canal para el crédito. Mostramos que los cambios ocurridos en las expectativas de la devaluación, la proporción deseada de efectivo/depósitos y las medidas de desregulación financiera tendrán efectos reales por que alteran la cantidad del crédito disponible en la economía. Exploramos estas consecuencias del modelo por medio de técnicas de autorregresión de vectores (ARV) tradicionales y descubrimos que los datos apoyan fuertemente el enfoque crediticio. Observamos que es muy considerable el efecto de los choques del crédito y de la tasa de depreciación nomina en la actividad económica.

    Download Info

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below under "Related research" whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Bibliographic Info

    Article provided by Fondo de Cultura Económica in its journal El Trimestre Económico.

    Volume (Year): LXIV (1) (1997)
    Issue (Month): 253 (enero-marzo)
    Pages: 75-104

    as in new window
    Handle: RePEc:elt:journl:v:64:y:1997:i:253:p:75-104

    Contact details of provider:
    Web page: http://www.fondodeculturaeconomica.com/

    Order Information:
    Postal: Order print issues directly in our web page or with Guadalupe Galicia at Fondo de Cultura Económica, El Trimestre Económico, Carretera Picacho Ajusco 227, 6° piso,Col. Bosques del Pedregal, CP 14738, Tlalpan, Distrito Federal, México
    Email:
    Web: http://www.eltrimestreeconomico.com/

    Related research

    Keywords:

    References

    No references listed on IDEAS
    You can help add them by filling out this form.

    Citations

    Lists

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    Statistics

    Access and download statistics

    Corrections

    When requesting a correction, please mention this item's handle: RePEc:elt:journl:v:64:y:1997:i:253:p:75-104. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Rosa María González Mejía).

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.