The intermediation spread in an emerging economy under different macroeconomic regimes: Argentina, 1994-2013

Working papers | 2015 | N 64

Authors

  • Horacio Aguirre Banco Central de la República Argentina
  • Tamara Burdisso Banco Central de la República Argentina
  • Federico Grillo Banco Central de la República Argentina
  • Emiliano Giupponi Banco Central de la República Argentina

Keywords:

Rate spread, Macroeconomic regimes, Granger causality

Abstract

We study the interest rate spread of the Argentine financial system during the last eighteen years. We analyze Granger causality of selected variables, and estimate econometric models that relate spread to macroeconomic and microeconomic factors. Resuls indicate that output growth and monetization reduce spread during the whole period, while country risk and prices are significant only by subperiods, suggesting changes in macroeconomic context. Banking system variables also have significant impacts, including: taxes, administrative expenses, non-performing loans, the use of own resources and liquidity.

JEL classification: C22, E44, G21

Portada documento de trabajo 64

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Published

2024-05-13

How to Cite

Aguirre, H., Burdisso, T., Grillo, F., & Giupponi, E. (2024). The intermediation spread in an emerging economy under different macroeconomic regimes: Argentina, 1994-2013: Working papers | 2015 | N 64. Working papers. retrieved from https://bcra.ojs.theke.io/documentos_de_trabajo/article/view/273

Issue

2015

Section

Articles