The Venezuelan Financial System. What Compromises its Performance?

Ana Maria A. Chirinos L. () and Carolina Pagliacci
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Ana Maria A. Chirinos L.: Central Bank of Venezuela
Authors registered in the RePEc Author Service: Ana Maria Chirinos-Leañez

Revista de Analisis Economico – Economic Analysis Review, 2014, vol. 29, issue 2, 47-74

Abstract: The objective of this paper is to empirically test the deleveraging of the Venezuelan financial system at the event of two contractive shocks, a monetary and an oil shock, and to characterize the types of risks that arise in each case. Although these shocks have similar effects on interest rates and deposits, the adverse consequences and implicit risks for the oil are greater, due to its shriveling effect on real activity and public finances.

Keywords: Dynamic factor models; macroeconomic shocks; sign restrictions; financial risk (search for similar items in EconPapers)
JEL-codes: C19 C32 E60 G0 (search for similar items in EconPapers)
Date: 2014
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