Monetary policy, financial dollarization and agency costs (Capítulo)
Descripción del Articulo
This chapter models an emerging economy with financial dollarization features within an optimizing, stochastic general equilibrium setup. One key result in this framework is that unexpected nominal exchange rate fluctuations are positively correlated with the probability of default by borrowing firm...
| Autor: | |
|---|---|
| Formato: | capítulo de libro |
| Fecha de Publicación: | 2016 |
| Institución: | Universidad del Pacífico |
| Repositorio: | UP-Institucional |
| Lenguaje: | inglés |
| OAI Identifier: | oai:repositorio.up.edu.pe:11354/3197 |
| Enlace del recurso: | https://hdl.handle.net/11354/3197 |
| Nivel de acceso: | acceso abierto |
| Materia: | Política monetaria--Perú Dolarización--Perú https://purl.org/pe-repo/ocde/ford#5.02.01 |
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Monetary policy, financial dollarization and agency costs (Capítulo) |
| title |
Monetary policy, financial dollarization and agency costs (Capítulo) |
| spellingShingle |
Monetary policy, financial dollarization and agency costs (Capítulo) Vega, Marco Política monetaria--Perú Dolarización--Perú https://purl.org/pe-repo/ocde/ford#5.02.01 |
| title_short |
Monetary policy, financial dollarization and agency costs (Capítulo) |
| title_full |
Monetary policy, financial dollarization and agency costs (Capítulo) |
| title_fullStr |
Monetary policy, financial dollarization and agency costs (Capítulo) |
| title_full_unstemmed |
Monetary policy, financial dollarization and agency costs (Capítulo) |
| title_sort |
Monetary policy, financial dollarization and agency costs (Capítulo) |
| author |
Vega, Marco |
| author_facet |
Vega, Marco |
| author_role |
author |
| dc.contributor.author.fl_str_mv |
Vega, Marco |
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Política monetaria--Perú Dolarización--Perú |
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Política monetaria--Perú Dolarización--Perú https://purl.org/pe-repo/ocde/ford#5.02.01 |
| dc.subject.ocde.none.fl_str_mv |
https://purl.org/pe-repo/ocde/ford#5.02.01 |
| description |
This chapter models an emerging economy with financial dollarization features within an optimizing, stochastic general equilibrium setup. One key result in this framework is that unexpected nominal exchange rate fluctuations are positively correlated with the probability of default by borrowing firms and turn out to be a relevant driver of economic activity. In particular, the sign of the unexpected depreciation is positively correlated to the real value of assets and negatively correlated to aggregate consumption. This result supports the idea that unexpected increases in the exchange rate are contractionary, and not expansionary, when dollarization and agency costs in the financial sector are considered. |
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2016 |
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2021-09-30T18:09:31Z |
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2021-09-30T18:09:31Z |
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2016-04 |
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| dc.identifier.uri.none.fl_str_mv |
https://hdl.handle.net/11354/3197 |
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Vega, M. (2016). Monetary policy, financial dollarization and agency costs. En G. Yamada, & D. Winkelried (Eds.), Política y estabilidad monetaria en el Perú: Homenaje a Julio Velarde, Banquero Central del año 2015 (pp. 209-236). Universidad del Pacífico. https://hdl.handle.net/11354/3197 |
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https://hdl.handle.net/11354/3197 |
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Vega, M. (2016). Monetary policy, financial dollarization and agency costs. En G. Yamada, & D. Winkelried (Eds.), Política y estabilidad monetaria en el Perú: Homenaje a Julio Velarde, Banquero Central del año 2015 (pp. 209-236). Universidad del Pacífico. https://hdl.handle.net/11354/3197 |
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eng |
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eng |
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http://hdl.handle.net/11354/2207 |
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Vega, Marco2021-09-30T18:09:31Z2021-09-30T18:09:31Z2016-04https://hdl.handle.net/11354/3197Vega, M. (2016). Monetary policy, financial dollarization and agency costs. En G. Yamada, & D. Winkelried (Eds.), Política y estabilidad monetaria en el Perú: Homenaje a Julio Velarde, Banquero Central del año 2015 (pp. 209-236). Universidad del Pacífico. https://hdl.handle.net/11354/3197This chapter models an emerging economy with financial dollarization features within an optimizing, stochastic general equilibrium setup. One key result in this framework is that unexpected nominal exchange rate fluctuations are positively correlated with the probability of default by borrowing firms and turn out to be a relevant driver of economic activity. In particular, the sign of the unexpected depreciation is positively correlated to the real value of assets and negatively correlated to aggregate consumption. This result supports the idea that unexpected increases in the exchange rate are contractionary, and not expansionary, when dollarization and agency costs in the financial sector are considered.application/pdfengUniversidad del PacíficoPEhttp://hdl.handle.net/11354/2207info:eu-repo/semantics/openAccesshttp://creativecommons.org/licenses/by-nc-nd/4.0/deed.esPolítica monetaria--PerúDolarización--Perúhttps://purl.org/pe-repo/ocde/ford#5.02.01Monetary policy, financial dollarization and agency costs (Capítulo)info:eu-repo/semantics/bookPartreponame:UP-Institucionalinstname:Universidad del Pacíficoinstacron:UPTHUMBNAILYamadaGustavo2016Cap8.pdf.jpgYamadaGustavo2016Cap8.pdf.jpgGenerated Thumbnailimage/jpeg12663https://repositorio.up.edu.pe/backend/api/core/bitstreams/db7e7da6-b6eb-429b-99ae-c96c277d57d0/contenta97f3bf597d1f64b4170a6f1605e6746MD59ORIGINALYamadaGustavo2016Cap8.pdfYamadaGustavo2016Cap8.pdfapplication/pdf1669589https://repositorio.up.edu.pe/backend/api/core/bitstreams/77e53e68-0b55-4ae6-9c95-dd3734e6d39b/content87f3f04ef6f8cdcd7be0f0defad8389eMD51CC-LICENSElicense_rdflicense_rdfapplication/rdf+xml; charset=utf-8914https://repositorio.up.edu.pe/backend/api/core/bitstreams/6fa8b7a2-cb39-4747-96d4-54ae24f4f2f9/contentff28a15b31d8b36d045b61ef83195dd0MD52LICENSElicense.txtlicense.txttext/plain; charset=utf-81748https://repositorio.up.edu.pe/backend/api/core/bitstreams/952dc652-be42-4218-a07c-58e93fb25178/content8a4605be74aa9ea9d79846c1fba20a33MD53TEXTYamadaGustavo2016Cap8.pdf.txtYamadaGustavo2016Cap8.pdf.txtExtracted texttext/plain102602https://repositorio.up.edu.pe/backend/api/core/bitstreams/1001ba83-2a96-49b9-bfe4-7551f97335a9/content99c0c34200bb455fac0c0dd1687b06b1MD5811354/3197oai:repositorio.up.edu.pe:11354/31972025-05-08 22:28:12.565http://creativecommons.org/licenses/by-nc-nd/4.0/deed.esinfo:eu-repo/semantics/openAccessopen.accesshttps://repositorio.up.edu.peRepositorio Institucional de la Universidad del Pacíficorepositorio@up.edu.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 |
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La información contenida en este registro es de entera responsabilidad de la institución que gestiona el repositorio institucional donde esta contenido este documento o set de datos. El CONCYTEC no se hace responsable por los contenidos (publicaciones y/o datos) accesibles a través del Repositorio Nacional Digital de Ciencia, Tecnología e Innovación de Acceso Abierto (ALICIA).
