TY  - GEN
AB  - In this work we study the impact of FX interventions on Credit growth in Peru. Using Panel data at the firm-bank level from the Peruvian Credit Registry we find that purchases of dollars by the Central Bank are associated with reductions on the stock of credit held by Medium, Big and Corporate Firms in the Peruvian economy. We also found that the impact is stronger for firms with a higher level of debt dollarization. These results suggest that FX interventions can be seen as an additional tool for Financial stability, especially in times of large inflows of capital.
AU  - Ceron, Marcos
AU  - Nivin, Rafael
AU  - Yamunaque, Diego
CY  - Geneva
DA  - 2023
DA  - 2023
DO  - 10.71609/iheid-0p5s-6002
DO  - doi
ID  - 301722
KW  - Finance and Investment
L1  - https://repository.graduateinstitute.ch/record/301722/files/HEIDWP11-2023.pdf
L2  - https://repository.graduateinstitute.ch/record/301722/files/HEIDWP11-2023.pdf
L4  - https://repository.graduateinstitute.ch/record/301722/files/HEIDWP11-2023.pdf
LK  - https://repository.graduateinstitute.ch/record/301722/files/HEIDWP11-2023.pdf
N2  - In this work we study the impact of FX interventions on Credit growth in Peru. Using Panel data at the firm-bank level from the Peruvian Credit Registry we find that purchases of dollars by the Central Bank are associated with reductions on the stock of credit held by Medium, Big and Corporate Firms in the Peruvian economy. We also found that the impact is stronger for firms with a higher level of debt dollarization. These results suggest that FX interventions can be seen as an additional tool for Financial stability, especially in times of large inflows of capital.
PB  - Graduate Institute of International and Development Studies, International Economics Department
PP  - Geneva
PY  - 2023
PY  - 2023
T1  - FX intervention and domestic credit in a partially dollarized economyevidence using microdata from Peru
TI  - FX intervention and domestic credit in a partially dollarized economyevidence using microdata from Peru
UR  - https://repository.graduateinstitute.ch/record/301722/files/HEIDWP11-2023.pdf
Y1  - 2023
ER  -