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Fricciones financieras y el diferencial de tasas de interés en una economía dolarizada

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  • Vega, Hugo

Abstract

En este trabajo se presenta una caracterización de equilibrio parcial del mercado de crédito en una economía parcialmente dolarizada. Se introducen fricciones financieras, que toman la forma de costos de verificación y regulación bancaria, y se estudia su impacto en las tasas de interés activas y pasivas denominadas en moneda nacional y extranjera. Se encuentra el efecto de los requerimientos de encaje se puede entender como un impuesto que lleva a los bancos a reducir las tasas pasivas, mientras que la brecha entre las tasas de interés activas en moneda extranjera y nacional es decreciente en la volatilidad del tipo de cambio y creciente en el grado de correlación entre los rendimientos de los empresarios y el tipo de cambio.

Suggested Citation

  • Vega, Hugo, 2012. "Fricciones financieras y el diferencial de tasas de interés en una economía dolarizada," Revista Estudios Económicos, Banco Central de Reserva del Perú, issue 24, pages 9-26.
    • Handle: RePEc:rbp:esteco:ree-24-01
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    File URL: https://www.bcrp.gob.pe/docs/Publicaciones/Revista-Estudios-Economicos/24/ree-24-vega.pdf
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    References listed on IDEAS

    as
    1. Sutherland, Alan & Devereux, Michael B, 2006. "Solving for Country Portfolios in Open Economy Macro Models," CEPR Discussion Papers 5966, C.E.P.R. Discussion Papers.
    2. Carlstrom, Charles T & Fuerst, Timothy S, 1997. "Agency Costs, Net Worth, and Business Fluctuations: A Computable General Equilibrium Analysis," American Economic Review, American Economic Association, vol. 87(5), pages 893-910, December.
    3. Vega, Hugo, 2012. "Financial Frictions and the Interest-Rate Differential in a Dollarized Economy," Working Papers 2012-002, Banco Central de Reserva del Perú.
    4. Townsend, Robert M., 1979. "Optimal contracts and competitive markets with costly state verification," Journal of Economic Theory, Elsevier, vol. 21(2), pages 265-293, October.
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    More about this item

    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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