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Un modelo de equilibrio general estocástico dinámico para analizar el efecto de la política monetaria sobre el sistema financiero boliviano

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  • Oscar A. Díaz Quevedo and Ignacio Garrón Vedia

    (Banco Central de Bolivia, Centro de Estudios Monetarios Latinoamericanos)

Abstract

La crisis financiera internacional que empezó en 2007, ha dejado en claro que los modelos macroeconómicos tienen que asignar un papel más importante al sector financiero para comprender la dinámica del ciclo económico. El objetivo del presente trabajo es comprender las interacciones entre el sector bancario y el resto de la economía, en particular, entender el impacto de medidas de política monetaria (cambios en la tasa de encaje legal e inyecciones de liquidez) sobre el desempeño de la actividad de intermediación financiera. Para este fin se empleó un modelo DSGE. Los resultados del modelo muestran que la política monetaria, ya sea a través de una inyección de liquidez o modificaciones en la tasa de encaje legal, tendría efectos sobre el desempeño del sistema financiero, y por tanto sobre la estabilidad financiera. El incremento de la liquidez tendría efectos positivos en términos de estabilidad financiera, mientras que aumentos en la tasa de encaje podrían ser utilizados para contraer la expansión excesiva del crédito.

Suggested Citation

  • Oscar A. Díaz Quevedo and Ignacio Garrón Vedia, 2016. "Un modelo de equilibrio general estocástico dinámico para analizar el efecto de la política monetaria sobre el sistema financiero boliviano," Revista de Análisis del BCB, Banco Central de Bolivia, vol. 24(1), pages 147-192, June.
  • Handle: RePEc:blv:journl:v:24:y:2016:i:1:p:147-192
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    More about this item

    Keywords

    Modelo DSGE; estabilidad financiera; política monetaria;

    JEL classification:

    • D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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