Economics at your fingertips  

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

Horacio Aguirre, Tamara Burdisso, Federico Grillo () and Emiliano Giupponi ()
Additional contact information
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
New Economics Papers: this item is included in nep-mac
References: Add references at CitEc

Downloads: (external link) Versión en Español (application/pdf) English version (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:

Access Statistics for this paper

More papers in BCRA Working Paper Series from Central Bank of Argentina, Economic Research Department Contact information at EDIRC.
Bibliographic data for series maintained by Federico Grillo ().

Page updated 2024-04-19
Handle: RePEc:bcr:wpaper:201564