Artikel

Policy response to COVID-19 shock: Measuring policy impacts on lending interest rates with granular data

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.

Weitere Titel
Respuesta de política ante el shock de COVID-19: Medición del impacto sobre las tasas de interés activas con datos granulares
Sprache
Englisch

Erschienen in
Journal: Estudios de Economía ; ISSN: 0718-5286 ; Volume: 50 ; Year: 2023 ; Issue: 2 ; Pages: 287-308

Klassifikation
Wirtschaft
Banks; Depository Institutions; Micro Finance Institutions; Mortgages
Studies of Particular Policy Episodes
Thema
interest rate caps
Banks
COVID-19
PCG
reserve requirements

Ereignis
Geistige Schöpfung
(wer)
Dassatti Camors, Cecilia
Mariño, Natalia
Ereignis
Veröffentlichung
(wer)
Universidad de Chile, Departamento de Economía
(wo)
Santiago de Chile
(wann)
2023

Handle
Letzte Aktualisierung
10.03.2025, 11:44 MEZ

Datenpartner

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Objekttyp

  • Artikel

Beteiligte

  • Dassatti Camors, Cecilia
  • Mariño, Natalia
  • Universidad de Chile, Departamento de Economía

Entstanden

  • 2023

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