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

Carlos García and Virginia Simoncelli
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Virginia Simoncelli: ILADES-Georgetown University, Universidad Alberto Hurtado

ILADES-UAH Working Papers from Universidad Alberto Hurtado/School of Economics and Business

Abstract: 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.

Keywords: Credit Channel; Cointegration; Vector Error Correction Model (VECM). (search for similar items in EconPapers)
JEL-codes: E02 E44 E58 G21 (search for similar items in EconPapers)
Pages: 38 pages
Date: 2009-12
New Economics Papers: this item is included in nep-ban, nep-cba and nep-mac
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