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El crecimiento del crédito y la efectividad de los requerimientos de encaje y otros instrumentos macroprudenciales en América Latina

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  • Tovar, Camilo
  • Garcia-Escribano, Mercedes
  • Vera, Mercedes

Abstract

Durante la década pasada, las autoridades de política económica en América Latina han adoptado varios instrumentos macroprudenciales para controlar la prociclicidad del crédito al sector privado y para contener riesgos sistémicos. En particular, los requerimientos de encaje han sido empleados activamente. A pesar de su uso extendido, poco se sabe acerca de su efectividad y de cómo interactúan con la política monetaria. Este estudio reporta evidencia para países latinoamericanos sobre cómo los requerimientos de encaje influencian el crecimiento del crédito bancario. Los resultados muestran que estos instrumentos tienen un efecto moderado y transitorio, así como un rol complementario con la política monetaria.

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Bibliographic Info

Article provided by Banco Central de Reserva del Perú in its journal Revista Estudios Económicos.

Volume (Year): (2012)
Issue (Month): 24 ()
Pages: 45-64

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Handle: RePEc:rbp:esteco:ree-24-03

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  1. Pierre-Richard Agénor & K. Alper & L. Pereira da Silva, 2012. "Sudden Floods, Prudential Regulation and Stability in an Open Economy," Working Papers Series 267, Central Bank of Brazil, Research Department.
  2. Thomas Palley, 2004. "Asset-based reserve requirements: reasserting domestic monetary control in an era of financial innovation and instability," Review of Political Economy, Taylor & Francis Journals, vol. 16(1), pages 43-58.
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  6. Leon, David & Quispe, Zenon, 2010. "El encaje como instrumento no convencional de Política Monetaria," Revista Moneda, Banco Central de Reserva del Perú, issue 143, pages 8-16.
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  8. Carlos Montoro & Ramon Moreno, 2011. "The use of reserve requirements as a policy instrument in Latin America," BIS Quarterly Review, Bank for International Settlements, March.
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  10. Christian Bustamante, 2011. "Política monetaria contracíclica y encaje bancario," BORRADORES DE ECONOMIA 008202, BANCO DE LA REPÚBLICA.
  11. Pierre-Richard Agénor & K. Alper & L. Pereira da Silva, 2012. "Sudden Floods, Macroprudential Regulation and Stability in an Open Economy," Centre for Growth and Business Cycle Research Discussion Paper Series 166, Economics, The Univeristy of Manchester.
  12. Hernando Vargas Herrera & Carlos Varela & Yanneth R. Betancourt & Norberto Rodríguez, 2010. "Effects of Reserve Requirements in an Inflation Targeting Regime: The Case of Colombia," BORRADORES DE ECONOMIA 006710, BANCO DE LA REPÚBLICA.
  13. Alejandro Jara & Ramon Moreno & Camilo E Tovar, 2009. "The global crisis and Latin America: financial impact and policy responses," BIS Quarterly Review, Bank for International Settlements, June.
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Cited by:
  1. Adrián Armas & Paul Castillo & Marco Vega, 2014. "Inflation Targeting and Quantitative Tightening: Effects of Reserve Requirements in Peru," IDB Publications 84714, Inter-American Development Bank.
  2. Winkelried, Diego, 2013. "Modelo de Proyección Trimestral del BCRP: Actualización y novedades," Revista Estudios Económicos, Banco Central de Reserva del Perú, issue 26, pages 9-60.

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