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El objetivo de este trabajo es realizar un análisis empírico de los efectos macroeconómicos de la política macroprudencial y la influencia del régimen monetario sobre esta política en los principales países de América Latina desde 2007 hasta 2019. Los países analizados son Argentina, Bolivia, Brasil, Costa Rica, Chile, Colombia, Ecuador, México, Perú y Uruguay, divididos en países con Régimen de Metas de Inflación (RMI) y los que siguen otra estructura monetaria. Para ello se utiliza el método PVAR. En los países con RMI, la política macroprudencial alcanza su objetivo de reducir el crédito y las demás variables macroeconómicas tienen el comportamiento esperado. Por otro lado, la política macroprudencial parece tener impactos contradictorios en los países que no son RMI.

Esta nota presenta reflexiones sobre los posibles impactos que la pandemia de coronavirus tendrá en la economía. La interrupción de las cadenas de producción, la caída de la producción y los ingresos son impactos inmediatos. Sin embargo, también se espera que los efectos a largo plazo sean signifi cativos y negativos para el crecimiento económico futuro.

The objective of this paper is to analyze the determinants of the domestic banking credit in the South American countries, based on panel data, for the period 2000 to 2016. The results indicate that domestic deposits and liabilities to non-residents contribute positively to the growth of private credit, with domestic funding having a more representative impact than foreign funding. Economic growth leads to a greater demand for credit and an increase in credit, while higher domestic and US interest rates reduce credit growth. Rising inflation also negatively affect private sector credit. In addition, as regards credit composition, domestic deposits and economic growth are the main components of credit expansion, and, in turn, inflation and domestic interest rates contribute negatively.

This study analyses the impact of fiscal policy on income inequality for the Brazilian states, over the period 2004-2014. With system GMM we find robust evidence that while increases in total expenditures have a positive impacton inequality, total revenues have a negative effect, thus the net effects may not be positive. With a particular focus on disaggregated expenditures, we also identify that the negative effects that expenditures related to public debt can generate may overcome the positive effects of social expenditures. Therefore, the discussion on how to determine and qualify social spending levels in Brazil, which are necessary to combat poverty and reduce social and income inequalities, is directly related to the revision of the tax collection system.

Esta nota presenta reflexiones sobre los posibles impactos que la pandemia de coronavirus tendrá en la economía. La interrupción de las cadenas de producción, la caída de la producción y los ingresos son impactos inmediatos. Sin embargo, también se espera que los efectos a largo plazo sean signifi cativos y negativos para el crecimiento económico futuro.

The objective of this paper is to analyze the determinants of the domestic banking credit in the South American countries, based on panel data, for the period 2000 to 2016. The results indicate that domestic deposits and liabilities to non-residents contribute positively to the growth of private credit, with domestic funding having a more representative impact than foreign funding. Economic growth leads to a greater demand for credit and an increase in credit, while higher domestic and US interest rates reduce credit growth. Rising inflation also negatively affect private sector credit. In addition, as regards credit composition, domestic deposits and economic growth are the main components of credit expansion, and, in turn, inflation and domestic interest rates contribute negatively.

This study analyses the impact of fiscal policy on income inequality for the Brazilian states, over the period 2004-2014. With system GMM we find robust evidence that while increases in total expenditures have a positive impacton inequality, total revenues have a negative effect, thus the net effects may not be positive. With a particular focus on disaggregated expenditures, we also identify that the negative effects that expenditures related to public debt can generate may overcome the positive effects of social expenditures. Therefore, the discussion on how to determine and qualify social spending levels in Brazil, which are necessary to combat poverty and reduce social and income inequalities, is directly related to the revision of the tax collection system.

Este trabalho analisa os determinantes da fecundidade e da participação das mulheres no mercado de trabalho brasileiro. São utilizadas as informações da Pesquisa Nacional por Amostra de Domicílio do IBGE, de 1995 até 2009, e o modelo probit bivariado. Conforme o esperado, observou-se queda da fecundidade e aumento da participação no período estudado, bem como efeito negativo dos salários na probabilidade de fecundidade e positivo na probabilidade de participação no mercado de trabalho. Além disso, outras variáveis de controle incluídas relacionadas às características pessoais, condição na família e local de residência também afetam a fecundidade e a inserção das mulheres. Ademais, verificou-se que, na cauda inferior da distribuição da renda domiciliar, o efeito dos salários na fecundidade é maior, mas, no caso do engajamento no mercado de trabalho, é menor.

Over the last two decades, almost all countries in the world have experienced a noticeable process of liberalization and deregulation. This process has both motivated and propelled changes in the very competitive dynamics of the banking industry. Therefore, various OECD countries have changed their regulatory/prudential practices concerning the banking market, in order to make them more suitable to the new competitive environment. Conversely, liberalization and deregulation in developing countries have often been started and deepened without any prior effort to strengthen and/or change the banking regulatory arrangements. The aim of this paper is to outline some features of such a process, by underlining some of the observed outcomes in the countries where it has gone further as well as the necessary adaptations for the banking regulation policy.

Over the last two decades, almost all countries in the world have experienced a noticeable process of liberalization and deregulation. This process has both motivated and propelled changes in the very competitive dynamics of the banking industry. Therefore, various OECD countries have changed their regulatory/prudential practices concerning the banking market, in order to make them more suitable to the new competitive environment. Conversely, liberalization and deregulation in developing countries have often been started and deepened without any prior effort to strengthen and/or change the banking regulatory arrangements. The aim of this paper is to outline some features of such a process, by underlining some of the observed outcomes in the countries where it has gone further as well as the necessary adaptations for the banking regulation policy.