Monetary policy in Latin America during the COVID-19 crisis: was this time different?

Luiz Fernando de Paula, Paulo José Saraiva and Mateus Coelho Ferreira

Chapter 9 in Central Banks and Monetary Regimes in Emerging Countries, 2023, pp 172-190 from Edward Elgar Publishing

Abstract: In general, emerging economies' central banks generally respond to financial or external crisis by stemming massive capital outflows. The resulting sharp currency depreciation forced central banks in emerging economies to tighten monetary policy abruptly. However, during the COVID-19 crisis the central banks of most Latin American economies reacted somewhat differently, implementing quantitative easing policy, cutting policy rates and introducing some non-conventional monetary policy measures. This chapter examines the conventional and non-conventional monetary policies implemented by some major Latin American economies during the COVID-19 shock, seeking in particular to answer the following questions: Was this time different? Did these central banks apply non-conventional monetary policies? If so, what sort of non-conventional monetary polices were implemented and for what purpose? What were the impacts?

Keywords: Development Studies; Economics and Finance (search for similar items in EconPapers)
Date: 2023
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