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Assessing the impact of credit de-dollarization measures in Peru

Author

Listed:
  • Contreras, Alex

    (Banco Central de Reserva del Perú)

  • Gondo, Rocío

    (Banco Central de Reserva del Perú)

  • Pérez, Fernando

    (Banco Central de Reserva del Perú)

  • Oré, Erick

    (Banco Central de Reserva del Perú)

Abstract

This paper assesses the impact of de-dollarization measures implemented by the Central Reserve Bank of Peru between the years 2013 and 2016. Our results show that, despite an already slight downward trend in credit dollarization indicators before their implementation, the pace of de-dollarization increased after the adoption of the mentioned policy measures, especially after the announcement in the beginning of 2015. In contrast to a generalized impact of measures in 2015 onwards on all market segments, de-dollarization measures in 2013 affected mainly certain segments by firm size such as corporate and small firms. In addition, an heterogeneous impact is identified by loan size, where banks prefered to substitute larger loans from foreign to domestic currency.

Suggested Citation

  • Contreras, Alex & Gondo, Rocío & Pérez, Fernando & Oré, Erick, 2018. "Assessing the impact of credit de-dollarization measures in Peru," Working Papers 2018-009, Banco Central de Reserva del Perú.
  • Handle: RePEc:rbp:wpaper:2018-009
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    File URL: https://www.bcrp.gob.pe/docs/Publicaciones/Documentos-de-Trabajo/2018/documento-de-trabajo-009-2018.pdf
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    References listed on IDEAS

    as
    1. Vega, Marco & Chávez, Joselin, 2017. "Propagación de Choques de Encaje en el Sistema Bancario Peruano," Working Papers 2017-004, Banco Central de Reserva del Perú.
    2. Gabriel Jimenez & Steven Ongena & Jose-Luis Peydro & Jesus Saurina, 2012. "Credit Supply and Monetary Policy: Identifying the Bank Balance-Sheet Channel with Loan Applications," American Economic Review, American Economic Association, vol. 102(5), pages 2301-2326, August.
    3. Mircea Epure & Irina Mihai & Camelia Minoiu & José-Luis Peydró, 2017. "Household Credit, Global Financial Cycle, and Macroprudential Policies: Credit Register Evidence from an Emerging Country," Working Papers 1006, Barcelona Graduate School of Economics.
    4. Ongena, Steven & Schindele, Ibolya & Vonnák, Dzsamila, 2014. "In lands of foreign currency credit, bank lending channels run through? The effects of monetary policy at home and abroad on the currency denomination of the supply of credit," CFS Working Paper Series 474, Center for Financial Studies (CFS).
    5. Esteban Gómez & Angélica Lizarazo & Juan Carlos Mendoza & Andrés Murcia, 2017. "Evaluating the Impact of Macroprudential Policies in Colombia's Credit Growth," Borradores de Economia 980, Banco de la Republica de Colombia.
    6. Ongena, Steven & Schindele, Ibolya & Vonnák, Dzsamila, 2014. "In lands of foreign currency credit, bank lending channels run through? The effects of monetary policy at home and abroad on the currency denomination of the supply of credit," CFS Working Paper Series 474, Center for Financial Studies (CFS).
    7. João Barata R. B. Barroso & Rodrigo Barbone Gonzalez & Bernardus F. Nazar Van Doornik, 2017. "Credit Supply Responses to Reserve Requirement: loan-level evidence from macroprudential policy," Working Papers Series 467, Central Bank of Brazil, Research Department.
    8. Horacio A Aguirre & Gastón Repetto, 2017. "Capital and currency-based macroprudential policies: an evaluation using credit registry data," BIS Working Papers 672, Bank for International Settlements.
    9. Mark J. Garmaise & Gabriel Natividad, 2017. "Consumer Default, Credit Reporting, and Borrowing Constraints," Journal of Finance, American Finance Association, vol. 72(5), pages 2331-2368, October.
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    Cited by:

    1. Cantú, Carlos & Gondo, Rocio & Martínez, Berenice, 2019. "Reserve requirements as a financial stability instrument," Working Papers 2019-014, Banco Central de Reserva del Perú.

    More about this item

    Keywords

    credit dollarization; macroprudential policies; credit register data;

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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