Análisis del canal del crédito en presencia de racionamiento: Evidencia para Centroamérica y la República Dominicana

Credit Channel Analysis in Presence of Credit Crunches: Evidence for Central America and the Dominican Republic

Miguel Jiménez Polanco and Francisco Ramírez de León ()

MPRA Paper from University Library of Munich, Germany

Abstract: This paper analyses the determinants of private credit and its link with monetary policy, for the economies of Central America and the Dominican Republic (CADR), during the period 2006 - 2017. Using disequilibrium models, we estimate supply and demand functions in order to characterize episodes of credit crunches. We find evidence of credit rationing for the economies under study in the aforementioned period, with the exception of Guatemala. Additionally, taking into consideration this evidence, we inquire about the existence of a transmission mechanism of the monetary policy through the credit channel for each one of the CADR economies. In particular, by incorporating the information regarding the demand and supply of private credit, we verify that a contractionary monetary policy shock reduces the amount of available credit (supply) in the economy, in parallel with the contraction of Gross Domestic Product and inflation. These results relating to the credit channel are observed for all the economies considered, with the exception of Costa Rica.

Keywords: Private Credit; Rationing; Credit Crunches; Transmission Mechanisms; Monetary Policy; Central America; Dominican Republic (search for similar items in EconPapers)
JEL-codes: E44 E51 E52 G21 (search for similar items in EconPapers)
Date: 2018-01-01
New Economics Papers: this item is included in nep-mac
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:87712

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