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Monetary policy in Latin America during the COVID-19 crisis: was this time different?

In: Central Banks and Monetary Regimes in Emerging Countries

Author

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  • Luiz Fernando de Paula
  • Paulo José Saraiva
  • Mateus Coelho Ferreira

Abstract

In general, emerging economies' central banks generally respond to financial or external crisis by stemming massive capital outflows. The resulting sharp currency depreciation forced central banks in emerging economies to tighten monetary policy abruptly. However, during the COVID-19 crisis the central banks of most Latin American economies reacted somewhat differently, implementing quantitative easing policy, cutting policy rates and introducing some non-conventional monetary policy measures. This chapter examines the conventional and non-conventional monetary policies implemented by some major Latin American economies during the COVID-19 shock, seeking in particular to answer the following questions: Was this time different? Did these central banks apply non-conventional monetary policies? If so, what sort of non-conventional monetary polices were implemented and for what purpose? What were the impacts?

Suggested Citation

  • Luiz Fernando de Paula & Paulo José Saraiva & Mateus Coelho Ferreira, 2023. "Monetary policy in Latin America during the COVID-19 crisis: was this time different?," Chapters, in: Fernando Ferrari-Filho & Liuz Fernando de Paula (ed.), Central Banks and Monetary Regimes in Emerging Countries, chapter 9, pages 172-190, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:21116_9
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    Keywords

    Development Studies; Economics and Finance;

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