IMPACTO DE UTILIZACIÓN GENERALIZADA DE CONTRATOS DE CRÉDITO CON TASAS VARIABLES EN COSTA RICA: TRANSICIÓN A UN SISTEMA DE METAS DE INFLACIÓN

Pablo Villamichel Morales

Revista de Ciencias Económicas, 2013, vol. 31, issue 1

Abstract: The dynamics of loan interest rates has a growing importance in the gradual implementation of the inflation-targeting scheme that began in 2006. Costa Rica is a bi-currency economy in which the majority of credit agreements granted by the Local Financial System have adjustable interest rates tied to a short-term interest rate, both in colones and in dollars. According to economic literature this type of contracts transfer signals form market interest rates to consumption and investment faster and more directly than fixed-rate contracts. Part of this effect is mitigated by the widespread use of floors on adjustable rate loans that generates nonlinearities in the transfer process from the reference interest rate to the actual rates paid by debtors. This alternative has not been studied in theoretical models and should be considered as a possible limitation to the effective use of the Monetary Policy Rate going forward.

Keywords: FINANZAS; CRÉDITO; TASA DE INTERÉS; LIBOR; POLÍTICA MONETARIA; RIESGO DE MERCADO; SIMULACIÓN DE MONTECARLO; FINANCE; CREDIT; INTEREST RATE; LIBOR; MONETARY POLICY; MARKET RISK; MONTECARLO SIMULATION (search for similar items in EconPapers)
JEL-codes: A (search for similar items in EconPapers)
Date: 2013
References: Add references at CitEc
Citations:

Downloads: (external link)
https://revistas.ucr.ac.cr/index.php/economicas/article/view/10620 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:rce:rvceco:10620

Access Statistics for this article

Revista de Ciencias Económicas is currently edited by Fabricio Marín Rodríguez

More articles in Revista de Ciencias Económicas from Instituto de Investigaciones en Ciencias Económicas, Universidad de Costa Rica Contact information at EDIRC.
Bibliographic data for series maintained by Luis J. Hall ().