Latin American Journal of Central Banking最新文献_第8页

Estimates of the US Shadow-Rate 美国影子利率的估计

Latin American Journal of Central Banking Pub Date : 2023-03-01 DOI: 10.1016/j.latcb.2022.100080

Rodrigo Alfaro, Marco Piña

引用次数: 0

Sectoral supply and demand shocks during COVID-19: Evidence from Mexico 新冠肺炎期间的部门供需冲击：来自墨西哥的证据

Latin American Journal of Central Banking Pub Date : 2023-03-01 DOI: 10.1016/j.latcb.2022.100083

Ricardo Chavarín, Ricardo Gómez, Alfredo Salgado

{"title":"Sectoral supply and demand shocks during COVID-19: Evidence from Mexico","authors":"Ricardo Chavarín, Ricardo Gómez, Alfredo Salgado","doi":"10.1016/j.latcb.2022.100083","DOIUrl":"https://doi.org/10.1016/j.latcb.2022.100083","url":null,"abstract":"<div><p>The COVID-19 pandemic has undeniably caused both supply and demand shocks. Nevertheless, it is uncertain to what extent each factor contributed more to the evolution of prices and economic activity at different points since the onset of the pandemic. Whether inflationary pressures are mainly due to demand or supply shocks is an important matter for the stance of monetary policy. By employing a sign-restricted SBVAR, we study supply and demand factors as potential sources of heterogeneity in sectoral performance of economic activity in Mexico. We find that during the peak contraction in 2020-2Q, the demand shock was the dominant source of fluctuation across most sectors. Moreover, we assess the extent to which economic activity responds to foreign shocks and find that domestic demand shocks are the primary drivers of GDP fluctuations in 2020-2Q, with external demand and supply conditions and exchange rate shocks also playing significant roles. In contrast, since the beginning of 2021, external supply has negatively contributed to the variation of several sectors, particularly in industrial production, whereas domestic and external demand factors have generally positively contributed.</p></div>","PeriodicalId":100867,"journal":{"name":"Latin American Journal of Central Banking","volume":"4 1","pages":"Article 100083"},"PeriodicalIF":0.0,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50195222","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: 1

A multivariate analysis of SIEFORE daily returns SIEFORE日收益的多元分析

Latin American Journal of Central Banking Pub Date : 2023-03-01 DOI: 10.1016/j.latcb.2023.100084

Roberto Calderón-Colín , Juan Francisco Carmona Sánchez

引用次数: 0

New trends in retail payments: How technological changes are reshaping the payments system. Introducing a proposal for a new pan-European instant payment system 零售支付的新趋势：技术变革如何重塑支付系统。介绍一个新的泛欧即时支付系统的提案

Latin American Journal of Central Banking Pub Date : 2022-12-01 DOI: 10.1016/j.latcb.2022.100075

Tommaso De Portu

{"title":"New trends in retail payments: How technological changes are reshaping the payments system. Introducing a proposal for a new pan-European instant payment system","authors":"Tommaso De Portu","doi":"10.1016/j.latcb.2022.100075","DOIUrl":"https://doi.org/10.1016/j.latcb.2022.100075","url":null,"abstract":"<div><p>Since the institution of a unified European market, the retail payment system has changed significantly. In September 2020, the European Commission adopted the Digital Finance Package, that includes a digital finance strategy, legislative proposals on crypto-assets and digital resilience, as well as a renewed strategy for retail payments.</p><p>This work proposes the framework for a new pan-European retail payment system based on public identity recognition and disintermediation of currently used devices: Euro-PaID. The aim is to have a competitive EU financial sector that gives consumers access to innovative financial products whilst ensuring consumer protection and financial stability.</p><p>The new system is designed in compliance with existing regulations. However, because certain aspects do not fall within the scope of applicable EU law, ad hoc regulation should be enacted. We concluded that a holistic approach is essential in rethinking regulation to address the numerous social implications of a hypothetical change in the payments system.</p></div>","PeriodicalId":100867,"journal":{"name":"Latin American Journal of Central Banking","volume":"3 4","pages":"Article 100075"},"PeriodicalIF":0.0,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2666143822000291/pdfft?md5=17af46d667922ed7744746ae25dfcc09&pid=1-s2.0-S2666143822000291-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72258491","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

The effect of size and productivity on borrowing discouragement for small firms in Colombia 哥伦比亚小企业的规模和生产率对借贷阻碍的影响

Latin American Journal of Central Banking Pub Date : 2022-12-01 DOI: 10.1016/j.latcb.2022.100077

O. Jaulín-Méndez

引用次数: 0

An application of the tourist test to Colombian merchants 旅游测试在哥伦比亚商人中的应用

Latin American Journal of Central Banking Pub Date : 2022-12-01 DOI: 10.1016/j.latcb.2022.100076

Carlos A. Arango-Arango , Yanneth Rocío Betancourt-García , Manuela Restrepo-Bernal

引用次数: 0

New trends in retail payments: How technological changes are reshaping the payments system. Introducing a proposal for a new pan-European instant payment system 零售支付的新趋势:技术变革如何重塑支付系统。介绍一个新的泛欧即时支付系统的提案

Latin American Journal of Central Banking Pub Date : 2022-12-01 DOI: 10.1016/j.latcb.2022.100075

Tommaso De Portu

引用次数: 0

Loan renegotiation and the long-term impact on total factor productivity 贷款重新谈判和对全要素生产率的长期影响

Latin American Journal of Central Banking Pub Date : 2022-12-01 DOI: 10.1016/j.latcb.2022.100074

Antonio Sánchez Serrano

{"title":"Loan renegotiation and the long-term impact on total factor productivity","authors":"Antonio Sánchez Serrano","doi":"10.1016/j.latcb.2022.100074","DOIUrl":"https://doi.org/10.1016/j.latcb.2022.100074","url":null,"abstract":"<div><p>When a loan is close to becoming non-performing, banks have stronger incentives to renegotiate it in favourable conditions for the borrower (loan forbearance) rather than for recognising and resolving the non-performing loan. At the aggregated level and looking at borrowers (non-financial corporations), the preference for loan renegotiation may affect total factor productivity and aggregate productivity growth, as new entrants, typically using technologies that are more advanced, may be crowded out from bank funding by incumbent non-financial corporations (this would particularly be the case in the absence of well-developed financial markets). The empirical analysis finds that a wider use of loan renegotiation, seen through lower values of provisions to total loans, has a negative effect on the change of total factor productivity (in addition to the influence of consumption growth). These results provide useful insights when considering the resolution of non-performing loans and the long-term consequences on the real economy.</p></div>","PeriodicalId":100867,"journal":{"name":"Latin American Journal of Central Banking","volume":"3 4","pages":"Article 100074"},"PeriodicalIF":0.0,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S266614382200028X/pdfft?md5=4dffaae2467708b231556fb780a12063&pid=1-s2.0-S266614382200028X-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72225454","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

The Relationship between Fiscal and Monetary Policies in Colombia: An Empirical Exploration of the Credit Channel 哥伦比亚财政与货币政策的关系:信贷渠道的实证探索

Latin American Journal of Central Banking Pub Date : 2022-12-01 DOI: 10.1016/j.latcb.2022.100072

Ignacio Lozano-Espitia , Fernando Arias-Rodríguez

{"title":"The Relationship between Fiscal and Monetary Policies in Colombia: An Empirical Exploration of the Credit Channel","authors":"Ignacio Lozano-Espitia , Fernando Arias-Rodríguez","doi":"10.1016/j.latcb.2022.100072","DOIUrl":"https://doi.org/10.1016/j.latcb.2022.100072","url":null,"abstract":"<div><p>This paper provides evidence of the relationship between fiscal and monetary policy in Colombia through an empirical exploration of the credit risk channel. Under this empirical approach, fiscal policy serves as an important explanatory role in the sovereign risk premium which, in turn, could affect the exchange rate and inflation expectations. The colombian central bank reacts to inflation expectations by using the policy interest rate; consequently, such reaction could be indirectly influenced by fiscal policy behavior. Using monthly data from January 2003 to December 2019, we estimate a reduced-form system of equations that describes the credit risk channel in a small open economy. Our findings are in line with the theoretical predictions. Fiscal policy affected the country’s sovereign risk during this period, although its incidence was not particularly large. Thus, we infer that there could be insufficient evidence of fiscal dominance in Colombia during the period analyzed.</p></div>","PeriodicalId":100867,"journal":{"name":"Latin American Journal of Central Banking","volume":"3 4","pages":"Article 100072"},"PeriodicalIF":0.0,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2666143822000266/pdfft?md5=7e09551776008134af679ee2b2b9a76b&pid=1-s2.0-S2666143822000266-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136477065","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

Supply shocks and monetary policy responses in emerging economies 新兴经济体的供给冲击和货币政策应对

Latin American Journal of Central Banking Pub Date : 2022-12-01 DOI: 10.1016/j.latcb.2022.100071

José Antonio Ocampo , Jair Ojeda-Joya

{"title":"Supply shocks and monetary policy responses in emerging economies","authors":"José Antonio Ocampo , Jair Ojeda-Joya","doi":"10.1016/j.latcb.2022.100071","DOIUrl":"10.1016/j.latcb.2022.100071","url":null,"abstract":"<div><p>Supply shocks bring about important dilemmas for monetary policy in emerging economies. We compute monetary policy responses to supply shocks using quarterly data and a Bayesian panel VAR for 24 emerging economies during the period 2004–2019. In this framework, we identify supply shocks as unexpected and temporary total factor productivity innovations which are orthogonal to demand related shocks. We highlight three results from this econometric exercise. First, monetary policy is, in average, procyclical in emerging economies after temporary supply shocks. Second, monetary policy is more procyclical in fixed than in flexible exchange-rate regimes. Third, monetary policy is more procyclical in economies with a higher degree of financial openness. The latter result is a central dilemma for emerging economies during supply shocks, since it implies that financial openness prevents less procyclical monetary policy reactions due to the trade-off between exchange rate and income volatility.</p></div>","PeriodicalId":100867,"journal":{"name":"Latin American Journal of Central Banking","volume":"3 4","pages":"Article 100071"},"PeriodicalIF":0.0,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2666143822000254/pdfft?md5=2170503775a48dadf20183f9329acb6d&pid=1-s2.0-S2666143822000254-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84751774","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: 1