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Más alla del manejo de la tasa de interés para enfrentar la actual crisis: el canal de crédito y las asimetrías de la política monetaria en Chile

This work develops an empirical study of the credit channel in Chile. We found that the interest rate has a positive effect in the long run credit supply. Nevertheless, the disequilibrium in the short run credit supply has a significant negative effect on economic activity. This is most marked when the central bank is carried out a contractive monetary policy. Thus, all this evidence supports the fact that the central bank should implement a monetary policy beyond the control of the interest rate i.e. non conventional monetary policies to affect directly the liquidity restriction on the banking system to avoid a collapse of the economy in crisis times.

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File URL: http://fen.uahurtado.cl/wp-content/uploads/2010/07/inv230.pdf
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Paper provided by Ilades-Georgetown University, Universidad Alberto Hurtado/School of Economics and Bussines in its series ILADES-Georgetown University Working Papers with number inv230.

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Length: 38 pages
Date of creation: Dec 2009
Date of revision:
Handle: RePEc:ila:ilades:inv230
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Web page: http://www.economia.uahurtado.cl/
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  1. Hülsewig, Oliver & Mayer, Eric & Wollmershäuser, Timo, 2006. "Bank loan supply and monetary policy transmission in Germany: An assessment based on matching impulse responses," Munich Reprints in Economics 19432, University of Munich, Department of Economics.
  2. Anil K. Kashyap & Jeremy C. Stein & David W. Wilcox, 1991. "Monetary policy and credit conditions: evidence from the composition of external finance," Finance and Economics Discussion Series 154, Board of Governors of the Federal Reserve System (U.S.).
  3. Anil Kashyap & Jeremy C. Stein, 1993. "Monetary Policy and Bank Lending," NBER Working Papers 4317, National Bureau of Economic Research, Inc.
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