The Role of Central Bank Securities in Argentine Monetary Policy over the Past 20 Years

Jorge Carrera (), Gaspar Maciel () and Esteban Rodríguez ()
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Jorge Carrera: Central Bank of Argentina
Gaspar Maciel: Central Bank of Argentina
Esteban Rodríguez: Central Bank of Argentina

No 2023107, BCRA Working Paper Series from Central Bank of Argentina, Economic Research Department

Abstract: This paper focuses on the implementation of the BCRA's monetary policy from the end of the convertibility regimeto the present. The issuance of interest-bearing liabilities was a central element that gave the BCRA operational autonomy to implement its monetary policy within diverse macroeconomic contexts. To review this history, which leaves many lessons for the present and near future, we made a three-level analysis. In the first section, we describe a stylized analysis of the balance sheets effects of different monetary sterilization operations. In the second section, we collect the different regulatory changes that were introduced on the securities issued by the BCRA. Finally, in the third section, we review the recent history of the monetary policy and the economic context in which the BCRA issued securities.

Keywords: monetary policy; central bank; interest-bearing liabilities (search for similar items in EconPapers)
JEL-codes: E52 E58 (search for similar items in EconPapers)
Pages: 62 pages
Date: 2023-02
New Economics Papers: this item is included in nep-ban and nep-his
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