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

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

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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

The effect of size and productivity on borrowing discouragement for small firms in Colombia 规模和生产率对哥伦比亚小公司借贷抑制的影响

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

Oscar Jaulín-Méndez

引用次数: 0

Asymmetric interest rate transmission in an inflation-targeting framework: The case of Colombia 通胀目标制框架下的不对称利率传导:以哥伦比亚为例

Latin American Journal of Central Banking Pub Date : 2022-09-01 DOI: 10.1016/j.latcb.2022.100069

Arturo J. Galindo , Roberto Steiner

{"title":"Asymmetric interest rate transmission in an inflation-targeting framework: The case of Colombia","authors":"Arturo J. Galindo , Roberto Steiner","doi":"10.1016/j.latcb.2022.100069","DOIUrl":"https://doi.org/10.1016/j.latcb.2022.100069","url":null,"abstract":"<div><p>After adopting an inflation targeting framework for monetary policy at the turn of the twenty-first century, Banco de la República, the Central Bank of Colombia, started actively using the monetary policy interest rate as its key policy tool. This paper examines the interest rate pass-through from the monetary policy rate to the retail rates in Colombia and explores asymmetries in the adjustment process within the framework of a nonlinear version of the autoregressive distributed lag (ARDL) and the non-linear autoregressive distributed lag (NARDL) models developed by Shin, Yo, and Greenwood-Nimmo (2014). The findings show that the policy rate plays a key role in determining deposit and lending retail rates, but the nature of the pass-through varies across different types of products. In the case of lending rates, the pass-through is nearly complete and takes around 12 months to be nearly complete. The results capture an asymmetric pass-through in deposit rates—i.e., greater when the policy rate is increased than when it is reduced—and an upward rigidity in the lending rates of consumer and ordinary corporate loans, implying that major retail lending rates respond more to policy rate cuts than to hikes, indicating that financial intermediaries are more reluctant to raise interest rates than to decrease them following policy adjustments. Results are robust to the inclusion of additional regressors.</p></div>","PeriodicalId":100867,"journal":{"name":"Latin American Journal of Central Banking","volume":"3 3","pages":"Article 100069"},"PeriodicalIF":0.0,"publicationDate":"2022-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2666143822000230/pdfft?md5=2863bc25ef17d301ec0ae81d9f8026b3&pid=1-s2.0-S2666143822000230-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"137255692","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

Erratum regarding missing Declaration of Competing Interest statements in previously published articles 关于先前发表的文章中缺少竞争利益声明的勘误表

Latin American Journal of Central Banking Pub Date : 2022-09-01 DOI: 10.1016/j.latcb.2022.100058

引用次数: 0

Network structure and fragmentation of the Argentinean interbank markets 阿根廷银行间市场的网络结构和碎片化

Latin American Journal of Central Banking Pub Date : 2022-09-01 DOI: 10.1016/j.latcb.2022.100066

Pedro Elosegui , Federico D. Forte , Gabriel Montes-Rojas

{"title":"Network structure and fragmentation of the Argentinean interbank markets","authors":"Pedro Elosegui , Federico D. Forte , Gabriel Montes-Rojas","doi":"10.1016/j.latcb.2022.100066","DOIUrl":"10.1016/j.latcb.2022.100066","url":null,"abstract":"<div><p>This paper studies the network structure and fragmentation of the Argentinean interbank market. The unsecured (CALL) and secured (REPO) markets are examined, applying complex network analysis. Results indicate that although the secured market has fewer participants, its nodes are more densely connected than the ones in the unsecured market. The interrelationships in the unsecured market are less stable, making its structure more volatile and vulnerable to negative shocks. The analysis identifies two hidden underlying subnetworks within the REPO market: one based on the transactions collateralized by Treasury bonds (REPO-T) and the other based on the operations collateralized by Central Bank (CB) securities (REPO-CB). The changes in monetary policy stance and monetary conditions seem to have a substantially smaller effect in the former submarket than in the latter one. The connectivity levels within the REPO-T market and its structure remain relatively unaffected by the (occasionally pronounced) swings in the other market segment. Hence, the REPO market shows signs of fragmentation in its inner structure, according to the type of collateral asset involved in the transactions, so the average REPO interest rate reflects the interplay between these two partially fragmented submarkets. The REPO market's mixed structure entails one of the main sources of differentiation with respect to the CALL market.</p></div>","PeriodicalId":100867,"journal":{"name":"Latin American Journal of Central Banking","volume":"3 3","pages":"Article 100066"},"PeriodicalIF":0.0,"publicationDate":"2022-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2666143822000205/pdfft?md5=4370aab5f7e192b53661da958f85cfb9&pid=1-s2.0-S2666143822000205-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82309167","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

Multipliers of taxes and public spending in Colombia: SVAR and local projections approaches 哥伦比亚的税收和公共支出乘数:SVAR和地方预测方法

Latin American Journal of Central Banking Pub Date : 2022-09-01 DOI: 10.1016/j.latcb.2022.100070

Sergio Restrepo-Ángel , Hernán Rincón-Castro , Juan J. Ospina-Tejeiro

引用次数: 0