Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/297802 
Year of Publication: 
2023
Series/Report no.: 
Economic Research Working Papers No. 107
Publisher: 
Banco Central de la República Argentina (BCRA), Investigaciones Económicas (ie), Buenos Aires
Abstract (Translated): 
This paper focuses on the implementation of the BCRA's monetary policy from the end of the convertibility regime to the present. The issuance of interest-bearing liabilities was a central element that gave the BCRA operational autonomy to implement its monetary policy within diverse macroeconomic contexts. To review this history, which leaves many lessons for the present and near future, we made a three-level analysis. In the first section, we describe a stylized analysis of the balance sheets effects of different monetary sterilization operations. In the second section, we collect the different regulatory changes that were introduced on the securities issued by the BCRA. Finally, in the third section, we review the recent history of the monetary policy and the economic context in which the BCRA issued securities.
Subjects: 
Monetary Policy
Central Bank
Interest-bearing liabilities
JEL: 
E52
E58
Document Type: 
Working Paper

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