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Radiografía del costo del crédito en el Perú

Author

Listed:
  • Choy, Marylin

    (Banco Central de Reserva del Perú)

  • Costa, Eduardo

    (Banco Central de Reserva del Perú)

  • Churata, Eloy

    (Banco Central de Reserva del Perú)

Abstract

La disparidad de las tasas de interés activas entre segmentos y los niveles de estas tasas con relación a las tasas de interés de los depósitos, son dos características del mercado de créditos peruano que mayor discusión generan. Para explicar las razones subyacentes, este estudio analiza las tasas de interés activas en el período 2010 – 2014, a través de la evolución de sus componentes: costo financiero de los recursos, costos de operación y riesgo de crédito. Se concluye que los costos operativos y el riesgo de crédito son los principales factores que explican el nivel y la disparidad de las tasas, ya que mayor riesgo acarrea mayores costos para las instituciones financieras, por la mayor reserva necesaria para absorber la pérdida por los impagos, y por los mayores costos operativos que genera su administración. La competencia ha jugado un rol importante en la evolución de las tasas de interés, en especial en los segmentos de pequeñas y micro empresas, y de consumo, en los que el crédito es mayoritariamente en moneda nacional. La competencia ha implicado también que las entidades financieras sean operativamente más eficientes, lo que ha amortiguado el incremento de costos por mayor riesgo de crédito. En los segmentos de empresas mayoristas, se aprecia una menor competencia, acompañada de un mayor grado de concentración de mercado. Las tasas de interés de los créditos en soles son mucho mayores que las de los créditos otorgados en dólares, no obstante el mayor costo del fondeo en dólares debido al mayor requerimiento de encaje, Esta diferencia obedece a que los créditos en dólares están concentrados en los deudores de menor riesgo de cada segmento. Reducciones futuras en el costo del crédito requerirán de mayor competencia en los mercados financieros y de mejoras sustanciales en el gobierno corporativo de las empresas, así como mayor disciplina y una cultura financiera más responsable en los segmentos minoristas.

Suggested Citation

  • Choy, Marylin & Costa, Eduardo & Churata, Eloy, 2015. "Radiografía del costo del crédito en el Perú," Working Papers 2015-001, Banco Central de Reserva del Perú.
  • Handle: RePEc:rbp:wpaper:2015-001
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    References listed on IDEAS

    as
    1. Fudenberg, Drew & Tirole, Jean, 1989. "Noncooperative game theory for industrial organization: An introduction and overview," Handbook of Industrial Organization, in: R. Schmalensee & R. Willig (ed.), Handbook of Industrial Organization, edition 1, volume 1, chapter 5, pages 259-327, Elsevier.
    2. David C. Wyld, 2010. "ASecond Lifefor organizations?: managing in the new, virtual world," Management Research Review, Emerald Group Publishing Limited, vol. 33(6), pages 529-562, May.
    3. Koffie Ben Nassar & Edder Martinez & Anabel Pineda, 2014. "Determinants of Banks' Net Interest Margins in Honduras," IMF Working Papers 2014/163, International Monetary Fund.
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    Cited by:

    1. World Bank, 2015. "Peru Building on Success," World Bank Publications - Reports 22984, The World Bank Group.
    2. Walter Cuba & Eduardo Diaz, 2023. "Effect of caps on interest rates in Peru," IHEID Working Papers 02-2023, Economics Section, The Graduate Institute of International Studies.

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    More about this item

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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