Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/336416 
Erscheinungsjahr: 
2025
Quellenangabe: 
[Journal:] Latin American Journal of Central Banking (LAJCB) [ISSN:] 2666-1438 [Volume:] 6 [Issue:] 1 [Article No.:] 100160 [Year:] 2025 [Pages:] 1-28
Verlag: 
Elsevier, Amsterdam
Zusammenfassung: 
Empirical evidence for advanced economies suggests that following a monetary tightening, commercial and industrial bank loans show a positive "puzzling response". Since there is no wide evidence for the Mexican case, this paper analyzes the response of bank loans at the sectoral level after a monetary contraction. For this purpose, I estimate a structural VAR model with block exogeneity to identify a monetary shock for a small open economy. The results show evidence of firms' loan puzzles during 2001-2019 characterized by an inflation-targeting regime in Mexico. Those short-lived loan puzzles are mainly observed in sectors with the lowest delinquency rates during the period of analysis. My finding of the loan puzzle at the aggregate level in a recent sample arises in a closed as well as in an open economy approach.
Schlagwörter: 
Bank lending channel
Loan puzzle
Monetary policy shocks
SVAR
JEL: 
E51
E52
E58
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