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Efectos de los Límites a las Tasas de Interés sobre la Profundización Financiera

  • Laura Capera

    ()

  • Andrés Murcia Pabón

    ()

  • Dairo Estrada

    ()

Este documento explora la relación entre la existencia de un límite superior a las tasas de interés y la profundización financiera en América Latina para el período comprendido entre 1980 y 2008. Inicialmente se hace una exposición de las características y evolución de dicha regulación en América Latina y a continuación se analiza esta relación para varios países de la región por medio de una estimación con datos panel. Adicionalmente se exploran a través de una aplicación del modelo clásico de (Stiglitz y Weiss, 1981) el efecto negativo que puede tener la existencia de dicho límite sobre el nivel de crédito en la economía y los posibles efectos que podría generar el aumento o eliminación de dicho límite. Los resultados indican que la presencia de un límite restrictivo a las tasas de interés está asociada con un menor nivel de profundización financiera en América Latina para el período considerado.

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Paper provided by Banco de la Republica de Colombia in its series Temas de Estabilidad Financiera with number 057.

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