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The Bank Lending Channel in Peru: evidence and transmission mechanism

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  • Carrera, Cesar

    (Banco Central de Reserva del Perú)

Abstract

In the past ten years the Peruvian economy has experienced important structural changes regarding monetary policy. This document focuses on the bank lending channel as part of the transmission process to macroeconomic activity in the Peruvian economy based on Bernanke, Gertler, and Gilchrist (1996) flight-to-quality argument. The purpose of this work is to identify the bank lending channel (using bank level data), and test its relevance for understanding the transmission to economic activity by comparing monetary policy effects under two scenarios; with and without a bank lending channel (using structural autoregressive vectors). As in Gambacorta (2005), I consider a sample period in which a policy variable can capture the monetary policy stance of the central bank. For the case of Peru, I conclude that the bank lending channel has operated but this channel is not important for identifying the transmission process from monetary policy to macroeconomic activity.

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Bibliographic Info

Paper provided by Banco Central de Reserva del Perú in its series Working Papers with number 2010-021.

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Date of creation: Dec 2010
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Handle: RePEc:rbp:wpaper:2010-021

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Related research

Keywords: Monetary policy transmission; Bank lending channel; flight-to-quality; panel of banks;

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References

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  1. Joseph Atta-Mensah & Ali Dib, 2003. "Bank Lending, Credit Shocks, and the Transmission of Canadian Monetary Policy," Working Papers 03-9, Bank of Canada.
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Cited by:
  1. Syden Mishi & Asrat Tsegaye, 2012. "The Role of Banks in Monetary Policy Transmission in South Africa," Working Papers 295, Economic Research Southern Africa.
  2. M. Lopreite, 2012. "Securitization and monetary transmission mechanism: evidence from italy (1999-2009)," Economics Department Working Papers 2012-EP04, Department of Economics, Parma University (Italy).
  3. Bazán, Walter, 2011. "No-linealidades y asimetrías en el crédito peruano," Working Papers 2011-015, Banco Central de Reserva del Perú.

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