Transmisión de la política monetaria a la inversión de las empresas que cotizan en la Bolsa de Valores de Lima en función su apalancamiento: El Broad Credit Channel
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Authors
Salazar Ramírez, Oscar RodolfoIssue Date
2020-01-20Keywords
ApalancamientoCanal de crédito
Inversión
Política monetaria
BCR
Perú
Leverage
Credit channel
Investment
Monetary policy
CRB
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Transmission of the monetary policy to the investment of the companies listed on the Lima Stock Exchange based on their leverage: The Broad Credit ChannelDOI
http://doi.org/10.19083/tesis/653636Abstract
El presente estudio pretende analizar si los cambios en la tasa de interés de referencia del Banco Central de Reserva del Perú pueden afectan de manera diferenciada a las decisiones de inversión de las empresas corporativas que cotizan en la Bolsa de Valores de Lima. Para tales efectos utilizaremos un modelo econométrico de datos de panel, a través del cual evaluaremos si el grado de endeudamiento de cada firma es un factor que condiciona el impacto de cambios en la tasa de interés de referencia sobre las inversiones que ésta realiza. En relación a este mecanismo, conocido como Broad Credit Channel, nuestros resultados brindan evidencia a favor de que este canal podría encontrarse operativo en el Perú, siendo un elemento que condiciona el impacto de un aumento de la tasa de interés sobre la inversión.The present study intends to analyze if the changes in the reference interest rate of the Central Reserve Bank of Peru can differently affect the investment decisions of corporate companies listed on the Lima Stock Exchange. For this purpose, we will use an econometric panel data model, through which we will assess whether the degree of indebtedness of each firm is a key factor that determines the impact of changes in the reference interest rate on the investments it makes. In relation to this mechanism, known as the Broad Credit Channel, our results provide evidence in favor of this channel being operational in Peru, being an element that limits the impact of an increase in the interest rate on investment.
Type
info:eu-repo/semantics/bachelorThesisRights
info:eu-repo/semantics/openAccessAttribution-NonCommercial-ShareAlike 4.0 International
Language
spaae974a485f413a2113503eed53cd6c53
http://doi.org/10.19083/tesis/653636
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- Creative Commons