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

Listed author(s):
  • Juan J. de Lucio
  • Mario Izquierdo

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.

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Paper provided by FEDEA in its series Working Papers with number 99-14.

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Handle: RePEc:fda:fdaddt:99-14
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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 Jose de Lucio, 1998. "Local responses to a global monetary policy: The regional structure of financial systems," ERSA conference papers ersa98p249, European Regional Science Association.
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