Munich Personal RePEc Archive

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

Jiménez Polanco, Miguel Alejandro and Ramírez de Leon, Francisco Alberto (2018): Análisis del canal del crédito en presencia de racionamiento: Evidencia para Centroamérica y la República Dominicana.

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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.

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