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Tasas de interés activas y política monetaria en el Perú. Un análisis con datos de bancos individuales

Author

Listed:
  • Rodolfo Cermeño
  • Oscar Dancourt

    ( Departamento de Economía de la Pontificia Universidad Católica del Perú)

  • Gustavo Ganiko

    ( Departamento de Economía de la Pontificia Universidad Católica del Perú)

  • Waldo Mendoza

    ( Departamento de Economía de la Pontificia Universidad Católica del Perú)

Abstract

Este trabajo evalúa empíricamente el canal de tasas de interés en el mecanismo de transmisión de la política monetaria en el Perú, durante el periodo junio 2003 – junio 2010, empleando datos mensuales de bancos individuales. Se estudian los dos principales instrumentos de política utilizados bajo el régimen de metas de inflación: la tasa de política monetaria y la tasa de encaje. Utilizando un modelo de datos de panel dinámico, nuestro trabajo tiene dos resultados básicos. En primer lugar, un alza de la tasa de interés de referencia tiene un impacto positivo y significativo sobre las tasas de interés de los préstamos comerciales fijadas por los 6 bancos más grandes del país. En segundo lugar, no encontramos evidencia que sugiera que la tasa de encaje a los depósitos en MN influye sobre estas mismas tasas de interés fijadas por estos 6 bancos durante el periodo analizado. JEL Classification-JEL: E44; E52

Suggested Citation

  • Rodolfo Cermeño & Oscar Dancourt & Gustavo Ganiko & Waldo Mendoza, 2015. "Tasas de interés activas y política monetaria en el Perú. Un análisis con datos de bancos individuales," Documentos de Trabajo / Working Papers 2015-410, Departamento de Economía - Pontificia Universidad Católica del Perú.
  • Handle: RePEc:pcp:pucwps:wp00410
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    References listed on IDEAS

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    Cited by:

    1. Lahura, Erick, 2017. "El efecto traspaso de la tasa de interés de política monetaria en Perú: evidencia reciente," Revista Estudios Económicos, Banco Central de Reserva del Perú, issue 33, pages 9-27.
    2. Roxana Barrantes Cáceres & Angelo Cozzubo Chaparro, 2015. "Edad para aprender, edad para enseñar: el rol del aprendizaje intergeneracional intrahogar en el uso de la Internet por parte de los adultos mayores en Latinoamérica," Documentos de Trabajo / Working Papers 2015-411, Departamento de Economía - Pontificia Universidad Católica del Perú.

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    More about this item

    Keywords

    mecanismo de transmisión de la política monetaria; canal de tasas de interés; tasa de interés de referencia; tasa de encaje; modelo Bernanke-Blinder;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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