 El efecto traspaso de la tasa de interés y la política monetaria en el Perú: 1995-2004No 2005-244, Documentos de Trabajo / Working Papers from Departamento de Economía - Pontificia Universidad Católica del Perú Abstract: The purpose of this paper is to analyze the “pass-through†from interbank interest rate to market interest rates in domestic currency, and its relationship to Peruvian monetary policy during the period 1995 and 2004. Using an asymmetric and non-linear error correction model, the following hypotheses were tested: (a) the long-run passthrough is not complete; however, it has been raising since the announcement of the official interest rate “corridor†and has been reinforced with the adoption of the “inflation targeting†regime; (b) the market interest rates’ speed of adjustment has increased since the announcement of the official interest rate “corridor†; and (c) in the short-run, market interest rates respond asymmetrically when the interbank interest rate increases or decreases. The results favor the proposed hypotheses and suggest that monetary policy in Peru has shown a favorable evolution in terms of its impact on market interest rates, since the announcement of the official interest rate “corridor†and the adoption of the “inflation targeting†regime. Pages: 47 pages Published Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pcp:pucwps:wp00244 Access Statistics for this paper More papers in Documentos de Trabajo / Working Papers from Departamento de Economía - Pontificia Universidad Católica del Perú Av. Universitaria 1801, San Miguel, Lima, Perú. Contact information at EDIRC. |
Is your work missing from RePEc? Here is how to contribute.
Questions or problems? Check the EconPapers FAQ or send mail to .
EconPapers is hosted by the
School of Business at Örebro University.