La transmisión de la política monetaria a través del crédito bancario en México

Atzin Chiguil-Rojas, Gerardo Esquivel () and Julio Leal
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Atzin Chiguil-Rojas: El Colegio de México
Julio Leal: Banco de México

El Trimestre Económico, 2024, vol. 91 (3), issue 363, 603-662

Abstract: This paper analyzes empirically the existence of the credit channel of monetary policy in Mexico, that is, the relationship between changes in the target interest rate and variations in credit granted by commercial banks. The study combines aggregate information with data from the individual balance sheets of commercial banks and conducts a panel data regression analysis. The analysis is performed for total credit and its components (business, consumer, and mortgage). Additionally, by using banks’ accounting information, it explores whether the transmission mechanism occurs on the supply side. It is found that there is a negative and economically significant relationship between interest rate and credit, and such a relationship is established for different types of credit. Furthermore, evidence suggests that the transmission mechanism operates on the supply side, as banks with more robust balance sheets exhibit greater resilience to changes in the interest rate.

Keywords: Monetary policy; bank lending channel; bank credit; bank characteristics; Mexico. (search for similar items in EconPapers)
JEL-codes: E44 E51 E52 E58 G21 (search for similar items in EconPapers)
Date: 2024
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