Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/278631 
Year of Publication: 
2023
Series/Report no.: 
Graduate Institute of International and Development Studies Working Paper No. HEIDWP11-2023
Publisher: 
Graduate Institute of International and Development Studies, Geneva
Abstract: 
In this work we study the impact of FX interventions on Credit growth in Peru. Using Panel data at the firm-bank level from the Peruvian Credit Registry we find that purchases of dollars by the Central Bank are associated with reductions on the stock of credit held by Medium, Big and Corporate Firms in the Peruvian economy. We also found that the impact is stronger for firms with a higher level of debt dollarization. These results suggest that FX interventions can be seen as an additional tool for Financial stability, especially in times of large inflows of capital.
Subjects: 
FX intervention
Credit registry
Emerging markets
Credit growth
JEL: 
E58
F31
F33
G20
Document Type: 
Working Paper

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