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Local responses to a global monetary policy: The regional structure of financial systems

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  • Juan J. de Lucio
  • Mario Izquierdo

Abstract

En este documento se contrasta la existencia de efectos regionales diferenciados de una política monetaria común y se analizan las características locales que pueden estar detrás de estas respuestas diferenciales. Para ello, utilizamos datos de las regiones españolas para estimar un modelo VAR, usando técnicas SUR, que nos caracteriza las respuestas regionales a una política monetaria común a todas las regiones. Los resultados evidencian unas respuestas estadísticamente diferentes entre algunas de las regiones a estos shocks comunes de política monetaria. Entonces, se utilizan estas respuestas para analizar si dependen de ciertas características regionales. Lo que encontramos es que los efectos de la política monetaria se ven reforzados en aqueconómicas. Algunas son compartidas con otros muchos sistemas urbanísticos, pero la legislación española presenta numerosas especificidades que deben ser analizadas de forma particular. El exceso de regulación ha conllevado un círculo vicioso en el que las rigideces impiden la más rápida maduración del mercado del suelo e inmobiliario en general, y al mismo tiempo, la intervención se justifica en esta inmadurez. El urbanismo español es de los pocos sectores que han quedado fuera de las reformas económicas que ha experimentado España en las últimas décadas. Este trabajo analiza las principales rigideces y caracteriza el grado de madurez de diversos mercados inmobiliarios.

Suggested Citation

  • Juan J. de Lucio & Mario Izquierdo, "undated". "Local responses to a global monetary policy: The regional structure of financial systems," Working Papers 99-14, FEDEA.
    • Handle: RePEc:fda:fdaddt:99-14
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    References listed on IDEAS

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    1. Gottfries, Nils & Westermark, Andreas, 1998. "Nominal wage contracts and the persistent effects of monetary policy," European Economic Review, Elsevier, vol. 42(2), pages 207-223, February.
    2. Kashyap, Anil K. & Stein, Jeremy C., 1995. "The impact of monetary policy on bank balance sheets," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 42(1), pages 151-195, June.
    3. Bernanke, Ben S. & Mihov, Ilian, 1997. "What does the Bundesbank target?," European Economic Review, Elsevier, vol. 41(6), pages 1025-1053, June.
    4. Bernanke, Ben S & Blinder, Alan S, 1992. "The Federal Funds Rate and the Channels of Monetary Transmission," American Economic Review, American Economic Association, vol. 82(4), pages 901-921, September.
    5. Juan J. de Lucio & Mario Izquierdo, "undated". "Local responses to a global monetary policy: The regional structure of financial systems," Working Papers 99-14, FEDEA.
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    1. Igor Esteban Zuccardi Huertas, 2002. "Efectos regionales de la política monetaria en Colombia," Documentos de Trabajo Sobre Economía Regional y Urbana 002431, Banco de la República - Economía Regional.
    2. Juan J. de Lucio & Mario Izquierdo, "undated". "Local responses to a global monetary policy: The regional structure of financial systems," Working Papers 99-14, FEDEA.
    3. Marinho Bertanha & Eduardo Haddad, 2006. "Impactos Regionais Da Política Monetária: Uma Abordagem Econométrica Utilizando Svar Espacial," Anais do XXXIV Encontro Nacional de Economia [Proceedings of the 34th Brazilian Economics Meeting] 133, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    4. Garber, Gabriel & Haddad, Eduardo, 2012. "Target Fitting and Robustness Analysis in CGE Models," TD NEREUS 4-2012, Núcleo de Economia Regional e Urbana da Universidade de São Paulo (NEREUS).
    5. Bertanha, Marinho & Haddad, Eduardo Amaral, 2008. "Efeitos Regionais da Política Monetária no Brasil: Impactos e Transbordamentos Espaciais," Revista Brasileira de Economia - RBE, EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil), vol. 62(1), September.
    6. Ridhwan, M.M. & Nijkamp, P. & Rietveld, P., 2008. "Regional development and monetary policy : a review of the role of monetary unions, capital mobility and locational effects," Serie Research Memoranda 0007, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
    7. Massimo Caruso, 2004. "Monetary Policy Impulses, Local Output and the Transmission Mechanism," Temi di discussione (Economic working papers) 537, Bank of Italy, Economic Research and International Relations Area.
    8. Blanco, Emilio & Elosegui, Pedro & Izaguirre, Alejandro & Montes-Rojas, Gabriel, 2019. "Regional and state heterogeneity of monetary shocks in Argentina," The Journal of Economic Asymmetries, Elsevier, vol. 20(C).
    9. Ageliki Anagnostou & Stephanos Papadamou, 2012. "The effects of Monetary Policy shocks across the Greek Regions," ERSA conference papers ersa12p507, European Regional Science Association.
    10. Héctor Bravo L. & Carlos García T. & Verónica Mies M. & Matías Tapia G., 2003. "Heterogeneity in Monetary Transmission: Sectoral and Regional Effects," Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 6(3), pages 5-26, December.
    11. Valter Di Giacinto, 2003. "Differential Regional Effects of Monetary Policy: A Geographical SVAR Approach," International Regional Science Review, , vol. 26(3), pages 313-341, July.
    12. Barkhordari, Sajjad & Forughi Far, Mohsen, 2020. "The Dynamic Regional Effects of Monetary Policy on Employment in Iran (TVP-FAVAR Approach)," Quarterly Journal of Applied Theories of Economics, Faculty of Economics, Management and Business, University of Tabriz, vol. 6(4), pages 109-136, February.
    13. Massimo Caruso, 2006. "Monetary Policy Impulses, Local Output and the Transmission Mechanism," Giornale degli Economisti, GDE (Giornale degli Economisti e Annali di Economia), Bocconi University, vol. 65(1), pages 1-30, May.
    14. Angeliki ANAGNOSTOU & Stephanos PAPADAMOU, 2014. "The Impact Of Monetary Shocks On Regional Output: Evidence From Four South Eurozone Countries," Region et Developpement, Region et Developpement, LEAD, Universite du Sud - Toulon Var, vol. 39, pages 105-130.

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