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Más alla del manejo de la tasa de interés para enfrentar la actual crisis: el canal de crédito y las asimetrías de la política monetaria en Chile

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Abstract

This work develops an empirical study of the credit channel in Chile. We found that the interest rate has a positive effect in the long run credit supply. Nevertheless, the disequilibrium in the short run credit supply has a significant negative effect on economic activity. This is most marked when the central bank is carried out a contractive monetary policy. Thus, all this evidence supports the fact that the central bank should implement a monetary policy beyond the control of the interest rate i.e. non conventional monetary policies to affect directly the liquidity restriction on the banking system to avoid a collapse of the economy in crisis times.

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Paper provided by Ilades-Georgetown University, Universidad Alberto Hurtado/School of Economics and Bussines in its series ILADES-Georgetown University Working Papers with number inv230.

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Length: 38 pages
Date of creation: Dec 2009
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Handle: RePEc:ila:ilades:inv230

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Keywords: Credit Channel; Cointegration; Vector Error Correction Model (VECM).;

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  1. Kashyap, Anil K & Stein, Jeremy C & Wilcox, David W, 1993. "Monetary Policy and Credit Conditions: Evidence from the Composition of External Finance," American Economic Review, American Economic Association, vol. 83(1), pages 78-98, March.
  2. Oliver Hülsewig & Eric Mayer & Timo Wollmershäuser, 2005. "Bank Loan Supply and Monetary Policy Transmission in Germany: An Assessment Based on Matching Impulse Responses," Ifo Working Paper Series Ifo Working Papers No.14, Ifo Institute for Economic Research at the University of Munich.
  3. Anil Kashyap & Jeremy C. Stein, 1993. "Monetary Policy and Bank Lending," NBER Working Papers 4317, National Bureau of Economic Research, Inc.
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