This paper aims at producing forecasts of monetary aggregates which are useful in formulating monetary policy in Argentina; in particular, forecasts that allow evaluation of alternative economic scenarios, with a 5-quarter horizon and of both public and private monetary aggregates. With that aim,...

This paper deals with a theoretical and empirical approach to analyze the selection of exchange rate/monetary regimes in emerging economies based on the “monetary space”, i.e. the framework where monetary policy should be developed. In turn, the monetary space was defined on the basis of...

This paper analyzes, from a theoretical perspective, the role of the financial system to promote growth and macroeconomic stability. It also endogenously explains the performance of the financial systems as a consequence of industrial (or sectoral) diversification. In the model, the productive...

I build a model to show that if some export costs are sunk and shared between alike destinations, the decision of a firm to enter a market is a function of its experience in a similar one. Using a rich firm-level dataset for Argentina I test this prediction and I provide evidence on the role and...

The purpose of this paper is to advance in the construction and calibration/estimation of an intermediate DSGE model with two policy rules for Argentina and explore to what extent two policy rules can be better than one. The BCRA´s research department currently uses a very small and non-micro...

The publication of the second document on bank regulation by the Bank for International Settlements (BIS) paved the way for banking institutions to develop increasingly complex models for the calculation of their capital requirements as a protection measure against credit risk. The Internal...

The exposure of the Argentine banking system to real interest rate changes is material and discourages long term credit. Quantification of this risk would help to manage it and may promote new credit, although it is not an easy job, especially in emerging markets. This paper proposes a Value at...

The aim of this paper is to identify the relationship between macroeconomic shocks and financial vulnerability in the Argentine case for the period 1977-2004, by using VEC models. The results show that falls in the deposit-currency ratio (indicator of crisis or financial vulnerability) would be...

In order to promote public policies aimed at enhancing financial inclusion, the Central Bank of Argentina makes periodic efforts to study, measure and analyze the processes of access and use of financial services by households in Argentina. The main objective of this paper is to use the...

This paper addresses in detail, for first time, the use of collateral in the Argentine banking system by exploiting the informative richness of the borrowers database at the Central Bank (Central de Deudores del Banco Central), focusing on the loans to companies for which accounting information...