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Leaning Against the Wind: Efectos de la Política Macroprudencial en el Crecimiento Sectorial
[Leaning Against the Wind: Effects of Macroprudential Policy on Sectoral Growth]

Author

Listed:
  • Valdivia Coria, Joab Dan
  • Valdivia Coria, Daney David

Abstract

El uso de políticas macroprudenciales en los últimos años cobro relevancia en diferentes economías. A consecuencia de la crisis financiera de 2008, este instrumento fue de utilidad en economías emergentes para disminuir los efectos del adverso contexto internacional. La relación entre la intermediación financiera y el sector real es positiva, a 2016 la respuesta del crecimiento sectorial a shocks en el crédito productivo es de 0.15pp. Asimismo, la modificación de la tasa de encaje legal puede proveer o retirar liquidez del sistema financiero, en el primer caso, el objetivo es incrementar de colocación de cartera, lo cual repercute en los sectores productivos y su desenvolvimiento. Por lo tanto, surge la necesidad de evaluar el efecto de ese instrumento (encaje legal) en el crecimiento sectorial de Bolivia, contralado por el ciclo financiero porque episodios de Credit Crunch afectan al sector real (se amplifica el ciclo económico a la baja). Las metodologías empleadas fueron del Método de Efectos Fijos (EF), Aleatorios (EA) y Vectores Autoregresivos en panel (Panel-VAR) y versiones recursivas de los mismos. Las estimaciones muestran los efectos positivos de la política macroprudencial y cambios en la postura que tuvo este instrumento a lo largo del tiempo, en función al ciclo financiero, Leaning Against the Wind. Bajas en la tasa de encaje legal de moneda doméstica impactan positivamente en el crecimiento sectorial y se evidencia con las versiones recursivas efectos positivos e incrementos paulatinos del crédito hacia a la actividad sectorial.

Suggested Citation

  • Valdivia Coria, Joab Dan & Valdivia Coria, Daney David, 2018. "Leaning Against the Wind: Efectos de la Política Macroprudencial en el Crecimiento Sectorial [Leaning Against the Wind: Effects of Macroprudential Policy on Sectoral Growth]," MPRA Paper 93441, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:93441
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    References listed on IDEAS

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    JEL classification:

    • C5 - Mathematical and Quantitative Methods - - Econometric Modeling
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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