Intermediation Spreads in an Emerging Economy Under Different Macroeconomic Regimes: Argentina, 1994-2013

Horacio Aguirre, Tamara Burdisso, Federico Grillo () and Emiliano Giupponi ()
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Emiliano Giupponi: Central Bank of Argentina

No 201564, BCRA Working Paper Series from Central Bank of Argentina, Economic Research Department

Abstract: We study the interest rate spread of the Argentine financial system during the last eighteen years. We analyze Granger causality of selected variables, and estimate econometric models that relate spread to macroeconomic and microeconomic factors. Results indicate that output growth and monetization reduce spread during the whole period, while country risk and prices are significant only by subperiods, suggesting changes in macroeconomic context. Banking system variables also have significant impacts, including: taxes, administrative expenses, non-performing loans, the use of own resources and liquidity.

Keywords: Argentina; emerging economies; financial stability; financial system; interest rate spreads (search for similar items in EconPapers)
JEL-codes: C22 E44 G21 (search for similar items in EconPapers)
Pages: 40 pages
Date: 2015-09
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