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Monetary Policy and the Banking Sector in Chile

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  • VIVIANA FERNANDEZ

Abstract

This paper considers the existence of a bank lending channel in Chile. Toward that, we collect a data sample of nineteen banks that operated in Chile over January 1999- December 2002. In that period, banks primarily offered loans to firms in the manufacturing and the financial-services sectors (representing 13 and 26 percent of total loans, respectively), and to households through consumption and mortgage loans (at 9 and 10 percent of total loans, respectively). Our estimation results support the existence of a bank lending channel. We find that banks respond asymmetrically to monetary shocks depending upon their own characteristics, and that monetary shocks alter loan portfolio decisions in the aggregate.

Suggested Citation

  • Viviana Fernandez, 2005. "Monetary Policy and the Banking Sector in Chile," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 41(3), pages 5-36, May.
    • Handle: RePEc:mes:emfitr:v:41:y:2005:i:3:p:5-36
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    Cited by:

    1. Pei-Fen Chen & Jhih-Hong Zeng & Chien-Chiang Lee, 2015. "Monetary Policy and the Diversification–Profitability Linkage in Banking: Evidences from Emerging Market Economies," South African Journal of Economics, Economic Society of South Africa, vol. 83(4), pages 576-597, December.

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    Keywords

    bank lending channel; dynamic panel;

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