Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/285109 
Title (translated): 
Respuesta de política ante el shock de COVID-19: Medición del impacto sobre las tasas de interés activas con datos granulares
Year of Publication: 
2023
Citation: 
[Journal:] Estudios de Economía [ISSN:] 0718-5286 [Volume:] 50 [Issue:] 2 [Year:] 2023 [Pages:] 287-308
Publisher: 
Universidad de Chile, Departamento de Economía, Santiago de Chile
Abstract: 
As a response to the COVID-19 shock, the Uruguayan government expanded an existing public credit guarantee and introduced deductions in local currency reserve requirements. Policies of the same nature were also implemented by several governments throughout the world. This paper contributes to the financial additionality literature and the literature on the bank lending view of the monetary policy by analyzing the impact of this type of policies on loans' interest rate spread over the interbank rate. Using a very detailed database on loan contracts, we estimate a dynamic panel model to analyze the effects of policy responses to the COVID-19 shock over loan interest rates. We find that the PCG policy had a relatively higher effect on loans' interest rates in comparison to the reserve requirements policy.
Subjects: 
interest rate caps
Banks
COVID-19
PCG
reserve requirements
JEL: 
G21
E65
Creative Commons License: 
cc-by-nc-sa Logo
Document Type: 
Article

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