La transmisión de la política monetaria a través del crédito bancario en México
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Este artículo analiza empíricamente la existencia del canal de crédito de la política monetaria en Mexico, es decir, la relación entre cambios en la tasa de interés objetivo y las variaciones en el crédito otorgado por bancos comerciales. Combina información agregada con datos de las hojas de balance individuales de los bancos comerciales y realiza un análisis de regresión de datos panel. El análisis se realiza para el crédito total, así como para sus distintos componentes (empresarial, consumo e hipotecario). Además, mediante la información contable de los bancos, se explora si el mecanismo de transmisión ocurre por el lado de la oferta. Se encuentra que existe una relación negativa y económicamente significativa entre la tasa de interés y el crédito, y se establece la existencia de dicha relación para los diferentes tipos de crédito. Asimismo, se halla evidencia que sugiere que el mecanismo de transmisión opera por el lado de la oferta, pues los bancos con hojas de balance más robustas exhiben mayor resiliencia a los cambios en la tasa de interés.
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