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The Venezuelan Financial System. What Compromises its Performance?

Author

Listed:
  • Ana Maria A. Chirinos L.

    (Central Bank of Venezuela)

  • Carolina Pagliacci

    (Central Bank of Venezuela)

Abstract

The objective of this paper is to empirically test the deleveraging of the Venezuelan financial system at the event of two contractive shocks, a monetary and an oil shock, and to characterize the types of risks that arise in each case. Although these shocks have similar effects on interest rates and deposits, the adverse consequences and implicit risks for the oil are greater, due to its shriveling effect on real activity and public finances.

Suggested Citation

  • Ana Maria A. Chirinos L. & Carolina Pagliacci, 2014. "The Venezuelan Financial System. What Compromises its Performance?," Revista de Analisis Economico – Economic Analysis Review, Universidad Alberto Hurtado/School of Economics and Business, vol. 29(2), pages 47-74, October.
    • Handle: RePEc:ila:anaeco:v:29:y:2014:i:2:p:47-74
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    More about this item

    Keywords

    Dynamic factor models; macroeconomic shocks; sign restrictions; financial risk;
    All these keywords.

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • C19 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Other
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • G0 - Financial Economics - - General

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