Tasas de Crédito Ajustadas por Riesgo e Implicancias para Políticas de Tasa Máxima Convencional

Carlos Madeira

Working Papers Central Bank of Chile from Central Bank of Chile

Abstract: This work estimates the impact of different policies of Interest Rate Ceilings on the proportion of families excluded from credit access in Chile. Using the default probabilities estimated by a probit model based on demographic variables and financial debt-load, I simulate the distribution of risk-adjusted interest rates of Chilean households for different shocks to income and employment. The results imply that an interest rate ceiling factor of 0.35 would exclude 11% to 18% of the families from credit access, depending on the severity of the shock. This exclusion is heavily concentrated on the poorest income quintiles.

Date: 2012-01
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Persistent link: https://EconPapers.repec.org/RePEc:chb:bcchwp:654

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