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Local responses to a global monetary policy: The regional structure of financial systems

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  • Juan J. de Lucio
  • Mario Izquierdo

Abstract

En este documento se contrasta la existencia de efectos regionales diferenciados de una política monetaria común y se analizan las características locales que pueden estar detrás de estas respuestas diferenciales. Para ello, utilizamos datos de las regiones españolas para estimar un modelo VAR, usando técnicas SUR, que nos caracteriza las respuestas regionales a una política monetaria común a todas las regiones. Los resultados evidencian unas respuestas estadísticamente diferentes entre algunas de las regiones a estos shocks comunes de política monetaria. Entonces, se utilizan estas respuestas para analizar si dependen de ciertas características regionales. Lo que encontramos es que los efectos de la política monetaria se ven reforzados en aqueconómicas. Algunas son compartidas con otros muchos sistemas urbanísticos, pero la legislación española presenta numerosas especificidades que deben ser analizadas de forma particular. El exceso de regulación ha conllevado un círculo vicioso en el que las rigideces impiden la más rápida maduración del mercado del suelo e inmobiliario en general, y al mismo tiempo, la intervención se justifica en esta inmadurez. El urbanismo español es de los pocos sectores que han quedado fuera de las reformas económicas que ha experimentado España en las últimas décadas. Este trabajo analiza las principales rigideces y caracteriza el grado de madurez de diversos mercados inmobiliarios.

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Paper provided by FEDEA in its series Working Papers with number 99-14.

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Handle: RePEc:fda:fdaddt:99-14

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  1. Ben S. Bernanke & Ilian Mihov, 1996. "What Does the Bundesbank Target?," NBER Working Papers 5764, National Bureau of Economic Research, Inc.
  2. Bernanke, Ben S & Blinder, Alan S, 1992. "The Federal Funds Rate and the Channels of Monetary Transmission," American Economic Review, American Economic Association, vol. 82(4), pages 901-21, September.
  3. Anil K Kashyap & Jeremy C. Stein, 1994. "The Impact of Monetary Policy on Bank Balance Sheets," NBER Working Papers 4821, National Bureau of Economic Research, Inc.
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Cited by:
  1. Massimo Caruso, 2006. "Monetary Policy Impulses, Local Output and the Transmission Mechanism," Giornale degli Economisti, GDE (Giornale degli Economisti e Annali di Economia), Bocconi University, vol. 65(1), pages 1-30, May.
  2. Igor Esteban Zuccardi Huertas, 2002. "Efectos regionales de la política monetaria en Colombia," DOCUMENTOS DE TRABAJO SOBRE ECONOMÍA REGIONAL 002431, BANCO DE LA REPÚBLICA - ECONOMÍA REGIONAL.
  3. Ageliki Anagnostou & Stephanos Papadamou, 2012. "The effects of Monetary Policy shocks across the Greek Regions," ERSA conference papers ersa12p507, European Regional Science Association.
  4. Massimo Caruso, 2004. "Monetary Policy Impulses, Local Output and the Transmission Mechanism," Temi di discussione (Economic working papers) 537, Bank of Italy, Economic Research and International Relations Area.
  5. Héctor Bravo L. & Carlos García T. & Verónica Mies M. & Matías Tapia G., 2003. "Heterogeneidad de la Transmisión Monetaria: Efectos Sectoriales y Regionales," Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 6(3), pages 5-26, December.

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