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Global Policy Spillovers and Peru's Monetary Policy

Global Policy Spillovers and Peru's Monetary Policy PDF Author: Renzo Rossini
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Languages : en
Pages : 24

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Book Description
This paper provides an overview of the monetary policy actions undertaken by the Central Reserve Bank of Peru, combining its main inflation targeting framework with sterilised FX interventions and reserve requirement measures in order to overcome the spillover effects of global policies to counter the recessionary implications of the global financial crisis. We provide a rationale for the use of these instruments, as well as empirical evidence on their effectiveness. In general, the results show that sterilised FX interventions and reserve requirement changes have the desired effects in limiting spillover effects and smoothing out the interest rate and credit dynamics in a dual monetary economy such as Peru.Full publication: "http://ssrn.com/abstract=2498104" target="_blank" The Transmission of Unconventional Monetary Policy to the Emerging Markets.