Monetary policy, financial dollarization and agency costs (Capítulo)

dc.creator	Vega, Marco
dc.date	2016-04
dc.date.accessioned	2022-03-17T18:39:47Z
dc.date.available	2022-03-17T18:39:47Z
dc.identifier	https://hdl.handle.net/11354/3197
dc.identifier.uri	http://biblioteca-repositorio.clacso.edu.ar/handle/CLACSO/51942
dc.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.
dc.format	application/pdf
dc.format	application/pdf
dc.language	eng
dc.publisher	Universidad del Pacífico
dc.rights	info:eu-repo/semantics/openAccess
dc.rights	Atribución-NoComercial-SinDerivadas 4.0 Internacional
dc.subject	Política monetaria--Perú
dc.subject	Dolarización--Perú
dc.title	Monetary policy, financial dollarization and agency costs (Capítulo)
dc.type	info:eu-repo/semantics/bookPart