Latin American Journal of Central Banking最新文献_第9页

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

Valuating consumer credit portfolios 评估消费信贷组合

Latin American Journal of Central Banking Pub Date : 2022-09-01 DOI: 10.1016/j.latcb.2022.100067

Pedro Piccoli

引用次数: 0

Central Bank Response to COVID-19 央行应对COVID-19

Latin American Journal of Central Banking Pub Date : 2022-09-01 DOI: 10.1016/j.latcb.2022.100065

Manuel Ramos-Francia , Santiago García-Verdú

引用次数: 3

Growth at risk: Methodology and applications in an open-source platform 风险中的增长:开源平台中的方法和应用程序

Latin American Journal of Central Banking Pub Date : 2022-09-01 DOI: 10.1016/j.latcb.2022.100068

Matias Ossandon Busch , José Manuel Sánchez-Martínez , Anahí Rodríguez-Martínez , Ricardo Montañez-Enríquez , Serafín Martínez-Jaramillo

引用次数: 0

Redundancy of Centrality Measures in Financial Market Infrastructures 金融市场基础设施中中心性度量的冗余性

Latin American Journal of Central Banking Pub Date : 2022-08-29 DOI: 10.32468/be.1206

Constanza Martínez-Ventura, Jorge Ricardo Mariño-Martínez, Javier Miguélez-Márquez

引用次数: 0

Seven lessons from the e-Peso pilot plan: The possibility of a Central Bank Digital Currency e-Peso试点计划的七个教训:央行数字货币的可能性

Latin American Journal of Central Banking Pub Date : 2022-06-01 DOI: 10.1016/j.latcb.2022.100062

Adolfo Sarmiento

{"title":"Seven lessons from the e-Peso pilot plan: The possibility of a Central Bank Digital Currency","authors":"Adolfo Sarmiento","doi":"10.1016/j.latcb.2022.100062","DOIUrl":"https://doi.org/10.1016/j.latcb.2022.100062","url":null,"abstract":"<div><p>The decision to introduce a central bank digital currency (CBDC) is part of the new challenges that central banks are facing as technology keeps moving. The e-Peso pilot plan, implemented between 2017 and 2018, could provide some key findings for central banks. In this sense, we can learn seven lessons from the e-Peso pilot plan: (i) reputation is key for central banks’ decision to introduce a CBDC; (ii) financial inclusion and cultural reasons are the main motivations; (iii) the technological solution as simple as possible; (iv) security aspects and traceable transfers are central for operational risk problems; (v) a token was a good solution for CBDC implementation; (vi) digital money was used for small payments and transfers; and (vii) CBDCs complement the existing means of payment. The conclusions highlight that CBDC choices are based not only on technical considerations but also on the cultural implications money use. The adoption of this new means of payment will be incremental but not reversible.</p></div>","PeriodicalId":100867,"journal":{"name":"Latin American Journal of Central Banking","volume":"3 2","pages":"Article 100062"},"PeriodicalIF":0.0,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2666143822000175/pdfft?md5=4c0ea3f61b79d7c4b6bcace2411b7daa&pid=1-s2.0-S2666143822000175-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91720043","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: 7