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Latin American Journal of Central Banking最新文献

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Uruguay’s banking system exposure to transition risk 乌拉圭银行系统面临的转型风险
Latin American Journal of Central Banking Pub Date : 2024-07-01 DOI: 10.1016/j.latcb.2024.100148
Andrea Barón, Helena Rodríguez
{"title":"Uruguay’s banking system exposure to transition risk","authors":"Andrea Barón, Helena Rodríguez","doi":"10.1016/j.latcb.2024.100148","DOIUrl":"https://doi.org/10.1016/j.latcb.2024.100148","url":null,"abstract":"","PeriodicalId":100867,"journal":{"name":"Latin American Journal of Central Banking","volume":"235 1‐2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141708604","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The effects of climate change on a small and open economy: Economic and monetary perspectives 气候变化对小型开放经济体的影响：经济和货币视角
Latin American Journal of Central Banking Pub Date : 2024-07-01 DOI: 10.1016/j.latcb.2024.100144
Jesús Bejarano, Daniela Rodríguez
{"title":"The effects of climate change on a small and open economy: Economic and monetary perspectives","authors":"Jesús Bejarano, Daniela Rodríguez","doi":"10.1016/j.latcb.2024.100144","DOIUrl":"https://doi.org/10.1016/j.latcb.2024.100144","url":null,"abstract":"","PeriodicalId":100867,"journal":{"name":"Latin American Journal of Central Banking","volume":"43 4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141840742","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Real exchange rate and economic activity in Jamaica 牙买加的实际汇率和经济活动
Latin American Journal of Central Banking Pub Date : 2024-07-01 DOI: 10.1016/j.latcb.2024.100149
Alvin E. Harris, Prudence Serju-Thomas
{"title":"Real exchange rate and economic activity in Jamaica","authors":"Alvin E. Harris, Prudence Serju-Thomas","doi":"10.1016/j.latcb.2024.100149","DOIUrl":"https://doi.org/10.1016/j.latcb.2024.100149","url":null,"abstract":"","PeriodicalId":100867,"journal":{"name":"Latin American Journal of Central Banking","volume":"34 4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141709659","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Climate change and technology adoption with a large informal sector 大规模非正规部门的气候变化和技术采用
Latin American Journal of Central Banking Pub Date : 2024-07-01 DOI: 10.1016/j.latcb.2024.100147
Miguel Mascarúa, Ricardo Montañez-Enríquez
{"title":"Climate change and technology adoption with a large informal sector","authors":"Miguel Mascarúa, Ricardo Montañez-Enríquez","doi":"10.1016/j.latcb.2024.100147","DOIUrl":"https://doi.org/10.1016/j.latcb.2024.100147","url":null,"abstract":"","PeriodicalId":100867,"journal":{"name":"Latin American Journal of Central Banking","volume":"133 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141695166","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The transmission of non-banking liquidity shocks to the banking sector 非银行流动性冲击对银行业的传导
Latin American Journal of Central Banking Pub Date : 2024-06-24 DOI: 10.1016/j.latcb.2024.100139
Miguel Sarmiento
{"title":"The transmission of non-banking liquidity shocks to the banking sector","authors":"Miguel Sarmiento","doi":"10.1016/j.latcb.2024.100139","DOIUrl":"10.1016/j.latcb.2024.100139","url":null,"abstract":"<div><div>The increasing interdependence between non-banking financial institutions (NBFIs) and the banking sector conditions the provision of liquidity in the financial markets. This paper evaluates how the market stress associated to the bankruptcy of one of the most interconnected NBFIs in an emerging market economy affected the availability and pricing of unsecured interbank funding. The results indicate that the market stress conducted to a reallocation of money market mutual funds (MMMFs) deposits within the banking sector, which affected the banks’ liquidity provision in the unsecured interbank market. Banks with an ex-ante high concentration of MMMF deposits significantly increased loan spreads and reduced the supply of unsecured funds in the interbank market. Lending relationships and central bank liquidity contributed to partially alleviate the liquidity shock. Overall, the results suggest that the concentration of uninsured depositors increases the transmission of non-bank liquidity shocks to the banking sector.</div></div>","PeriodicalId":100867,"journal":{"name":"Latin American Journal of Central Banking","volume":"6 2","pages":"Article 100139"},"PeriodicalIF":0.0,"publicationDate":"2024-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144167230","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Price duration using daily online data: Time- or state-dependent? 使用每日在线数据的价格持续时间：取决于时间还是取决于状态？
Latin American Journal of Central Banking Pub Date : 2024-06-21 DOI: 10.1016/j.latcb.2024.100138
Diego Solórzano, Lenin Arango-Castillo
{"title":"Price duration using daily online data: Time- or state-dependent?","authors":"Diego Solórzano,&nbsp;Lenin Arango-Castillo","doi":"10.1016/j.latcb.2024.100138","DOIUrl":"10.1016/j.latcb.2024.100138","url":null,"abstract":"<div><div>Using daily retail prices gathered through web scraping in Mexico, we analyse time- and state-dependent price setting rules as determinants of the duration of price spells, or the probability of price changes. Through the lens of a duration model, we find some evidence of state-dependent behaviour, which suggests that sheer time-dependent pricing models are unable to fully describe the features of the data. Specifically, we find statistically significant impacts on the probability of a price change of the COVID-19 pandemic, of variations in the nominal US/MXN exchange rate and of variations of real point of sales expenditures. Finally, leveraging price data gathered via direct visits to brick-and-mortar stores, we find that the state of the economy has similar impacts on the expected duration of price spells across both websites and physical stores.</div></div>","PeriodicalId":100867,"journal":{"name":"Latin American Journal of Central Banking","volume":"6 2","pages":"Article 100138"},"PeriodicalIF":0.0,"publicationDate":"2024-06-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144167229","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Nonlinear impact of the conventional monetary policy: A cross-country evidence 传统货币政策的非线性影响：一个跨国证据
Latin American Journal of Central Banking Pub Date : 2024-05-31 DOI: 10.1016/j.latcb.2024.100137
Jorge Pozo , Youel Rojas
{"title":"Nonlinear impact of the conventional monetary policy: A cross-country evidence","authors":"Jorge Pozo ,&nbsp;Youel Rojas","doi":"10.1016/j.latcb.2024.100137","DOIUrl":"10.1016/j.latcb.2024.100137","url":null,"abstract":"<div><div>The possibility of non-linear responses to conventional monetary policy interventions has been a subject of ongoing research for a considerable period. However, the existing body of literature largely concentrates on analyzing individual economies or investigates only specific facets of these non-linearities. This paper aims to contribute to the literature and study the nonlinear impact of the conventional monetary policy, in two dimensions: direction and current monetary condition. This is the monetary policy effects depend on the monetary conditions and shock direction. Using a sample of both advanced and emerging economies, we find consistent evidence of asymmetric effectiveness of monetary policy. Initial movements of the policy rate are expected to have the largest effects, in contrast to the following movements in the same direction. Thus, the effectiveness of monetary policy wanes as the monetary stance tightens (i.e., as the policy interest rate rises). Conversely, the efficacy of expansionary monetary policy weakens as the monetary stance loosens (i.e., as the policy interest rate approaches its lower bound).</div></div>","PeriodicalId":100867,"journal":{"name":"Latin American Journal of Central Banking","volume":"6 2","pages":"Article 100137"},"PeriodicalIF":0.0,"publicationDate":"2024-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144167228","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Nestedness and systemic risk in financial networks 金融网络中的嵌套性和系统性风险
Latin American Journal of Central Banking Pub Date : 2024-05-20 DOI: 10.1016/j.latcb.2024.100136
Michel Alexandre , Felipe Jordão Xavier , Thiago Christiano Silva , Francisco A. Rodrigues
{"title":"Nestedness and systemic risk in financial networks","authors":"Michel Alexandre ,&nbsp;Felipe Jordão Xavier ,&nbsp;Thiago Christiano Silva ,&nbsp;Francisco A. Rodrigues","doi":"10.1016/j.latcb.2024.100136","DOIUrl":"10.1016/j.latcb.2024.100136","url":null,"abstract":"<div><div>In this paper, we explore the relationship between node nestedness contribution and network stability in financial networks. We rely on data from the Brazilian interbank market. For each bank in the network, we computed the individual nestedness contribution (INC), along with two measures of systemic risk: systemic impact (SI) and systemic vulnerability (SV). The INC is computed considering the different roles played by the banks: lender and borrower. We found that borrowing banks with a higher INC would cause more damage to the network if they were hit by a shock — i.e, they have a higher SI. Moreover, lending banks with a higher INC are more vulnerable to shocks on the network.</div></div>","PeriodicalId":100867,"journal":{"name":"Latin American Journal of Central Banking","volume":"6 2","pages":"Article 100136"},"PeriodicalIF":0.0,"publicationDate":"2024-05-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141141506","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Navigating high inflation: A joint analysis of inflation dynamics and long-term inflation expectations in Latin America 驾驭高通胀：对拉丁美洲通胀动态和长期通胀预期的联合分析
Latin American Journal of Central Banking Pub Date : 2024-05-18 DOI: 10.1016/j.latcb.2024.100133
Juan Angel Garcia , Ricardo Gimeno
{"title":"Navigating high inflation: A joint analysis of inflation dynamics and long-term inflation expectations in Latin America","authors":"Juan Angel Garcia ,&nbsp;Ricardo Gimeno","doi":"10.1016/j.latcb.2024.100133","DOIUrl":"https://doi.org/10.1016/j.latcb.2024.100133","url":null,"abstract":"<div><p>The return of high inflation in Latin America (and worldwide) since 2021 has renewed concerns about the persistence of above-target inflation and a potential de-anchoring of inflation expectations. This paper shows that trend inflation estimation using forward-looking information can offer important insights for the understanding of inflation dynamics and long-term inflation expectations. Our analysis for 5 large LATAM economies (Brazil, Chile, Colombia, Mexico and Peru) reveals that a large part of the high inflation observed over 2021–23 mainly reflects transitory influences, and the stability of long-term survey expectations is broadly in line with persistent inflation trends. The risk of a de-anchoring of expectations in those countries therefore seems to be limited. Our findings provide useful information for both monetary policy and market participants in LATAM countries, as well as for central banks and investors worldwide.</p></div>","PeriodicalId":100867,"journal":{"name":"Latin American Journal of Central Banking","volume":"5 4","pages":"Article 100133"},"PeriodicalIF":0.0,"publicationDate":"2024-05-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2666143824000152/pdfft?md5=9294302768fd25ffa3fc909268dcdb60&pid=1-s2.0-S2666143824000152-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141067958","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Optimal robust monetary policy in a small open emerging-market economy 小型开放新兴市场经济体的最佳稳健货币政策
Latin American Journal of Central Banking Pub Date : 2024-05-12 DOI: 10.1016/j.latcb.2024.100132
Marine Charlotte André , Sebastián Medina Espidio
{"title":"Optimal robust monetary policy in a small open emerging-market economy","authors":"Marine Charlotte André ,&nbsp;Sebastián Medina Espidio","doi":"10.1016/j.latcb.2024.100132","DOIUrl":"https://doi.org/10.1016/j.latcb.2024.100132","url":null,"abstract":"<div><p>We study for a benchmark small open emerging economy an optimal robust monetary policy à la Hansen and Sargent (2003) considering additive model uncertainty. The robust control approach supposes that economic agents are not able to assign probabilities to a set of all plausible models and rather focuses on the worst possible misspecification from a benchmark model. Our findings are threefold. First, conducting a global robust optimal monetary policy can be limited since the departure from the benchmark model leads to multiple equilibria. Second, when model uncertainty arises only from the IS curve or the UIP condition, the space of unique solutions is expanded. In fact, when the central bank has a preference for robustness on the IS curve only, it should be more aggressive to demand and real exchange rate shocks but more conservative to cost-push shocks. On the other hand, when it has a preference for robustness only for the UIP, the central bank should be more aggressive to demand and cost-push shocks. Third, a sensitivity analysis suggests that conducting a global robust optimal monetary policy with the same misspecification in all equations is limited due to the persistence of inflation, the low exchange-rate pass-through and the need to anchor inflation expectations. Finally, we propose a Bayesian estimation for the Sidaoui and Ramos-Francia’s model over the period 2001–2019.</p></div>","PeriodicalId":100867,"journal":{"name":"Latin American Journal of Central Banking","volume":"5 4","pages":"Article 100132"},"PeriodicalIF":0.0,"publicationDate":"2024-05-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2666143824000140/pdfft?md5=65ba73022bf455dbf45efdfaa84d39d7&pid=1-s2.0-S2666143824000140-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140914145","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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