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  • Credit Supply in Venezuela: A Non-Conventional Bank Lending Channel?

    Chirinos-Leañez, Ana María;Pagliacci, Carolina

    Date: Apr, 2017

    This paper evaluates whether fiscal and foreign exchange policy shocks can explain both credit and credit supply in Venezuela. Empirical evidence suggests that between 65 and 90 percent of credit growth is linked to the buildup of banks' deposits caused by the monetary effects of fiscal expansions. For these cases, since credit is provided at equal or reduced interest rates, credit supply takes place. Loan supply can occur either endogenously, when fiscal domestic spending increases with expansionary aggregate supply shocks, or exogenously, when fiscal policy shocks emerge. The role of exogenous fiscal shocks in accounting for credit supply is preponderant in the long run. This evidence suggests fiscal shocks represent a non-conventional bank lending channel. Because this exogenous fiscally-triggered credit supply does not significantly contribute to boosting real activity, its major cost might be associated with high credit volatility.


  • Financial Integration in Latin America: Regional Funds Passport: Part 1 and Part 2

    PricewaterhouseCoopers LLP (PwC)

    Date: Apr, 2017

    This project seeks to generate a strategy to promote and facilitate the development of a more efficient regional financial market by promoting the harmonization of regulations and seeking to facilitate possible financial integration in Latin America. As a development of the diagnostic stage, the possibility of creating a regional passport for the investment funds was validated as an achievable goal. This proposal has been analyzed and this series of documents include the components that should be included in the development of the mechanism and can be summarized as follows: (i) International experiences in the development of passports for investment funds. (ii) In the institutional framework: given the negotiation and signing of mutual recognition agreements between the supervisory authorities already existing among some of the countries of the region under the MILA. (iii) From the regulatory perspective, it is necessary to reach agreements on: eligibility and solvency of funds, scope of fund issues, availability of information, guarantees, custody, and means of rapid resolution of conflicts.


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    Only the Best

    Description of new initiatives for modernization in the recruitment of more qualified public officials in Chile.
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