Rocío Gondo

Estudios realizados

Bachiller en Economía

Universidad del Pacífico (Perú)
2006.

Doctorado en Economía

University of Maryland, College Park (Estados Unidos)
2013.

Areas of interest

Financial Markets

Monetary Policy and Central Banking

Open Economy Macroeconomics

Keywords

capital flows

dollarization

macroprudential policy

real exchange rate

Main Publications

Assessing the impact of credit de-dollarization measures in Peru

This paper assesses the impact of de-dollarization measures implemented by the Central Reserve Bank of Peru between the years 2013 and 2016. Our results show that, despite an already slight downward trend in credit dollarization indicators before their implementation, the pace of de-dollarization increased after the adoption of the mentioned policy measures, especially after the announcement in the beginning of 2015. We find evidence that since the announcement of the first policy measure, 6 out of the 10 percentage point reduction in credit dollarization is related to the implementation of the De-dollarization Program. In contrast to a generalized impact of measures in 2015 onwards on all market segments, de-dollarization measures in 2013 affected mainly certain segments by firm size such as corporate and small firms. In addition, an heterogeneous impact is identified by loan size, where banks preferred to substitute larger loans from foreign to domestic currency.

Cross-Border flows and the effect of Global Financial shocks in Latin America.

This work quantifies the effect of changes in global financial conditions on cross-border flows and domestic financial and macroeconomic variables for a group of countries in Latin America. Using the BIS database of international banking statistics, we consider heterogeneous effects of different types of international financing (credit from global banks to domestic banks and non-financial firms and bond issuance by non-financial firms), on the behavior of the domestic banking system and the transmission to the real economy through the link between bank credit, investment and output. Consistent with the implications from a DSGE model such as Aoki et al. (2018), our results show that an increase in foreign interest rates translate into lower external funding for banks and thus into lower credit growth and higher domestic interest rates. This effect is amplified through an exchange rate depreciation due to capital outflows. We find evidence of a larger drop in flows from global banks to domestic banks relative to those from global banks to non-financial firms. In terms of the real economy, we observe a reduction in GDP growth, although not significant, and an increase in inflation due to the pass through effect from the exchange rate to prices.

Publications