Keywords
TASA DE POLÍTICA MONETARIA
ASIMETRÍA
NO LINEALIDAD
DOLARIZACIÓN
DEUDA INTERNA
CONCENTRACIÓN BANCARIA
PASS-THROUGH
POLICY-RATE
ASYMMETRIC
NON-LINEARITY
DOLLARIZATION
DEBT
BANK CONCENTRATION
How to Cite
Abstract
The paper has two parts, the first part tests from the Engle and Granger (1987) point of view the following hypothesis: i) the pass through is equal to one, ii) the pass through changed after the adoption of a new exchange rate regime, iii) the pass through speed changed along with the change in the exchange rate regime (non-linearity), iv) the banks in the financial system do not adjust symmetrically their interest rates (in order to increase their profit margin). In the second part the paper analyses the main factors that affect the effectiveness of the pass through mechanism, financial dollarization, banking industry concentration, the level of government debt and the Central Bank deficit.References
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