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La desigualdad y el disímil impacto de la política monetaria

Author

Listed:
  • Pablo Cotler

    (Universidad Iberoamericana-CDMX, México)

  • Rodrigo Carrillo

    (Universidad Iberoamericana-CDMX, México)

Abstract

Se analiza si cambios en la tasa objetivo del banco central tiene un impacto diferenciado en los distintos municipios del país.Se divide a éstos en cinco grupos según su marginación y se mide el impacto que tienen las variaciones en la tasa objetivo sobre el flujo de préstamos personales y de nómina que reciben los pobladores de los municipios. Utilizando datos panel y metodologías GLS y ARDL-CS, se encuentran dos resultados. Primero, en el caso de los préstamos de nómina, los beneficiados por una baja en la tasa objetivo y los menos afectados cuando dicha tasa sube son los que viven en los municipios de muy baja marginación. Segundo, el volumen de los préstamos personales y de nómina es sensible a las modificaciones en la tasa objetivo sólo en el caso que los pobladores vivan en municipios de baja y muy baja marginación. La originalidad de este trabajo es su enfoque municipal. Su principal implicancia es que en caso la autoridad monetaria desee elevar el impacto geográfico de sus medidas, debe buscar nuevos instrumentos y apoyar a instituciones financieras no-bancarias.

Suggested Citation

  • Pablo Cotler & Rodrigo Carrillo, 2021. "La desigualdad y el disímil impacto de la política monetaria," Remef - Revista Mexicana de Economía y Finanzas Nueva Época REMEF (The Mexican Journal of Economics and Finance), Instituto Mexicano de Ejecutivos de Finanzas, IMEF, vol. 16(2), pages 1-19, Abril - J.
    • Handle: RePEc:imx:journl:v:16:y:2021:i:2:a:2
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    File URL: https://www.remef.org.mx/index.php/remef/article/view/580
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    References listed on IDEAS

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    More about this item

    Keywords

    Tasa Objetivo; préstamos personales; marginación; desigualdad; central bank interest rate; personal loans; marginalization; inequality.;
    All these keywords.

    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G5 - Financial Economics - - Household Finance

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