Evidencia de la importancia de la estructura del régimen monetario para los impactos de las políticas macroprudenciales en las economías latinoamericanas

Gabrielle Mari de Oliveira; Marcos Roberto Vasconcelos

doi:10.52292/j.estudecon.2023.3366

Authors

Gabrielle Mari de Oliveira Universidade Cesumar, Brasil https://orcid.org/0000-0002-9383-6485
Marcos Roberto Vasconcelos Universidade Estadual de Maringá, Brasil https://orcid.org/0000-0003-1476-4899

DOI:

https://doi.org/10.52292/j.estudecon.2023.3366

Keywords:

Macroprudential policies, Latin America, Inflation targeting regime

Abstract

The objective of this study was to perform an empirical analysis of the macroeconomic effects of macroprudential policies and the influence of monetary regimes on these policies in the main countries of Latin America from 2007 to 2019. The countries analyzed were Argentina, Bolivia, Brazil, Costa Rica, Chile, Colombia, Ecuador, Mexico, Peru, and Uruguay. They were divided into countries that adopt the Inflation Targeting Regime (ITR) and those that have another monetary structure. For this end, the panel vector autoregression (PVAR) method was used. This paper points out that, in ITR countries, macroprudential policies achieve their goal of reducing credit. Moreover, other macroeconomic variables have the expected behavior. On the other hand, these policies seem to have contradictory impacts on non-ITR countrie

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