TRANSMISSION CHANNELS OF MONETARY POLICY AND RENT-SEEKING BANKING IN MEXICO, 2002-2023
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Abstract
The aim of this paper is to assess, both theoretically and empirically, the monetary policy transmission channels in Mexico, specifically the credit and interest rate channels, within the context of an economy characterized by stagnation and the presence of a rentier banking sector, during the period 2002-2023. Our hypothesis asserts that, under this regime of low growth and a banking sector that adopts a rent-seeking behavior, these mechanisms operate in a limited way: on the one hand, the banking lending rate responds weakly to changes in the central bank’s policy rate, both in the short and the long run; on the other hand, bank credit is more closely linked to current income, displaying a positive and statistically significant relationship across both time horizons. This hyphotesis is empirically tested with the estimation of two error correction models.
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References
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