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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. Hernando Vargas Herrera & Yanneth R Betancourt & Carlos Varela & Norberto Rodriguez, 2011. "Effects of reserve requirements in an inflation targeting regime: the case of Colombia," BIS Papers chapters, in: Bank for International Settlements (ed.), The global crisis and financial intermediation in emerging market economies, volume 54, pages 133-169 Bank for International Settlements.
  2. 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.
  3. Christian Bustamante, . "Política monetaria contracíclica y encaje bancario," Borradores de Economia 646, Banco de la Republica de Colombia.
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  10. 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.
  11. 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.
  12. Mathias Drehmann & Claudio Borio & Leonardo Gambacorta & Gabriel Jiminez & Carlos Trucharte, 2010. "Countercyclical capital buffers: exploring options," BIS Working Papers 317, Bank for International Settlements.
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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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