Canal de hojas de balance en Uruguay: ¿Acelerador financiero, freno o ambos?

Gerardo Licandro and Miguel Mello ()
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Miguel Mello: Banco Central del Uruguay
Authors registered in the RePEc Author Service: Miguel Mello Costa () and Miguel Martin Mello ()

No 2012015, Documentos de trabajo from Banco Central del Uruguay

Abstract: This paper tries to address the existence and functioning of a financial accelerator in dollarized economy like Uruguay. Using a database that comprises all banking credit operations we construct sectoral proxies of the external financial premium (EFP) and look for evidence of this important channel of monetary policy. We find that recent data supports the idea of a nonlinear relationship between EFP and the monetary policy rate. During "normal" times, we find that the EFP works as a financial accelerator just as in the case of nondollarized economies. This financial accelerator operates both in domestic and foreign currency denominated credit, though it is stronger in the former. During "crisis" the balance sheet channel works like a financial break. Overall, our evidence suggest a bigger role of this transmission channel than previously thought in the case of Uruguay.

Keywords: Monetary Policy; Business Cycle; Financial Accelerator; Panel Data; Politica monetaria; canal crediticio; acelerador financiero; datos de panel (search for similar items in EconPapers)
JEL-codes: E5 E51 E58 G2 G21 G23 (search for similar items in EconPapers)
Pages: 33 pages
Date: 2012
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Citations: View citations in EconPapers (4)

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