Encajes bancarios y tasas de interés

Betancourt, Rocío; Vargas, Hernando

doi:10.32468/espe.5905

Cited by 3 publications

(4 citation statements)

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“…La forma en que se modelan los intermediarios financieros se basa en Diaz-Gimenez et al (1992) y Betancourt y Vargas (2009). La intermediación de recursos entre ahorradores y prestatarios es llevada a cabo por muchos "bancos" homogéneos que operan en un mercado perfectamente competitivo.…”

Section: La Economía Artificialunclassified

“…Sin embargo, la sustituibilidad entre los depósitos y fuentes alternativas de financiamiento no es perfecta, lo que deja el campo propicio para que la política monetaria pueda emplear el encaje para afectar la oferta de crédito. Betancourt y Vargas (2009), empleando un análisis de equilibrio parcial, encuentran que, aún bajo el esquema de inflación objetivo, el encaje puede afectar la tasa de interés de los créditos y, por lo tanto, el crecimiento de la cartera del sistema financiero. En este sentido, señalan que el aumento del encaje induce un encarecimiento de la intermediación financiera (i.e.…”

Section: Introductionunclassified

“…El costo por unidad de depósitos o por unidad de crédito se denota con κ d y κ l , respectivamente. Siguiendo aBetancourt y Vargas (2009), se supone que el problema de los bancos en cada periodo se puede dividir en dos sub-periodos, t = t, t . En el primer sub-periodo, t, los intermediarios observan la demanda de crédito y la oferta de depósitos que deciden los hogares tras resolver su problema.…”

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Política monetaria contra cíclica y encaje bancario

Bustamante¹

2011

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A pesar de que el encaje bancario era un instrumento de política monetaria que venía cayendo en desuso, recientemente, varios países lo han empleado con aparente éxito en el marco de una política monetaria contracíclica y macroprudencial. Surge entonces la pregunta de si dicho éxito se dio por la utilización del encaje per se, o porque el encaje reforzó el efecto de la política de tasas de interés. Para responder este interrogante, se construye un modelo de equilibrio general con agentes heterogéneos e intermediarios financieros aversos al riesgo. Se encuentra que un manejo contracíclico del encaje bancario contribuye a reducir marginalmente la volatilidad de las fluctuaciones del consumo. Su efecto cobra mayor importancia a medida que los bancos son más aversos al riesgo.

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Section: La Economía Artificialunclassified

Section: Introductionunclassified

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Política monetaria contra cíclica y encaje bancario

Bustamante¹

2011

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“…Indeed, even the potential eect on the credit cycle of these instruments at the theoretical level has been a subject of debate. For instance, as pointed out by Betancourt & Vargas (2009), the eectiveness of reserve requirements in an ination targeting regime depends on the degree of substitution between bank deposits and central bank loans and the degree of uncertainty regarding the future policy rate. In any case, the authors conclude that the impact on the price and volume of credit is lower than under a monetary aggregates regime.…”

Section: Introductionmentioning

confidence: 99%

Evaluating the impact of macroprudential policies on credit growth in Colombia

Gómez¹,

Murcia

Lizarazo

et al. 2020

Journal of Financial Intermediation

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BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements, and from time to time by other economists, and are published by the Bank. The papers are on subjects of topical interest and are technical in character. The views expressed in them are those of their authors and not necessarily the views of the BIS. This publication is available on the BIS website (www.bis.org).

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Evaluating the impact of macroprudential policies in Colombia's credit growth

Gómez-González¹,

Lizarazo-Cuellar²,

Mendoza-Gutiérrez³

et al. 2017

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Macroprudential tools have been used around the world as a mechanism to control potential risks and imbalances in the nancial sector. Colombia is a good example of a country that has employed dierent regulatory measures to manage systemic risks in the economy. The purpose of this paper is to evaluate the eectiveness of two policies employed in said country to increase the resilience of the system and to moderate exuberance in credit supply. The rst measure, the countercyclical reserve requirement, was implemented in 2007 to control excessive credit growth. The second tool corresponds to the dynamic provisioning scheme for commercial loans, whose objective was to consolidate a countercyclical buer through loan loss provision requirements. To perform this analysis a rich data set based on loan-by-loan information for Colombian banks during the period between 2006 and 2009 is used. A xed eects panel model is estimated using debtors', banks' and macroeconomic characteristics as control variables. In addition, a dierence in dierences estimation is performed to evaluate the impact of the aforementioned policies. Findings suggest that dynamic provisions and the countercyclical reserve requirement had a negative eect on credit growth, and that said eect diers conditioned on bank-specic characteristics. Results also suggest that the aggregate macroprudential policy stance in Colombia has worked as an eective stabilizer of credit cycles, with some preliminary evidence also pointing towards signicant eects in reducing bank risktaking. Moreover, evidence is found that macroprudential policies have worked as a complement of monetary policy, accompanying the stabilizing eects of changes in interest rates on credit growth. JEL classication: E58, G28, C23 from the Bank of Mexico for their valuable comments on a preliminary version of this paper. We would also like to thank the participants of the LACEA meeting in Santa Cruz and Banco de la Republica's research seminar for their comments.The opinions contained herein are the sole responsibility of the authors and do not reect those of Banco de la República or its Board of Governors. All errors and omissions remain our own.Director,

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Encajes bancarios y tasas de interés

Cited by 3 publications

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Política monetaria contra cíclica y encaje bancario

Política monetaria contra cíclica y encaje bancario

Evaluating the impact of macroprudential policies on credit growth in Colombia

Evaluating the impact of macroprudential policies in Colombia's credit growth

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