The financial impact of the IDB's liquidity program for growth sustainability

This paper assesses the impact of the Liquidity Program for Growth Sustainability (LPGS) on Latin America and the Caribbean, instrumented by the IDB to confront the regional spillovers of the subprime crisis. This emergency liquidity line was set up to boost productive loans of commercial banks, cha...

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Autor principal: Bebczuk, Ricardo Néstor
Formato: Articulo Documento de trabajo
Lenguaje:Inglés
Publicado: 2010
Materias:
Ciencias Económicas
liquidez
economía
crecimiento económico
Acceso en línea:http://sedici.unlp.edu.ar/handle/10915/3667
http://www.depeco.econo.unlp.edu.ar/doctrab/doc79.pdf
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SEDICI (UNLP) de Universidad Nacional de La Plata
id I19-R120-10915-3667
record_format dspace
institution Universidad Nacional de La Plata
institution_str I-19
repository_str R-120
collection SEDICI (UNLP)
language Inglés
topic Ciencias Económicas
liquidez
economía
crecimiento económico
spellingShingle Ciencias Económicas
liquidez
economía
crecimiento económico
Bebczuk, Ricardo Néstor
The financial impact of the IDB's liquidity program for growth sustainability
topic_facet Ciencias Económicas
liquidez
economía
crecimiento económico
description This paper assesses the impact of the Liquidity Program for Growth Sustainability (LPGS) on Latin America and the Caribbean, instrumented by the IDB to confront the regional spillovers of the subprime crisis. This emergency liquidity line was set up to boost productive loans of commercial banks, channeled through a second-tier scheme. The empirical strategy revolves around GARCH models to test whether the public announcement of negotiations and of loan approval have had any impact on high frequency macroeconomic data, such as the country risk premium and the interbank interest rate. Our evidence reveals a positive and significant effect on financial stability attributable to LPGS in Jamaica, El Salvador, Costa Rica, Dominican Republic and Panama. We additionally discuss the rationale of key LPGS’ design features and the observed outcomes.
format Articulo
Documento de trabajo
author Bebczuk, Ricardo Néstor
author_facet Bebczuk, Ricardo Néstor
author_sort Bebczuk, Ricardo Néstor
title The financial impact of the IDB's liquidity program for growth sustainability
title_short The financial impact of the IDB's liquidity program for growth sustainability
title_full The financial impact of the IDB's liquidity program for growth sustainability
title_fullStr The financial impact of the IDB's liquidity program for growth sustainability
title_full_unstemmed The financial impact of the IDB's liquidity program for growth sustainability
title_sort financial impact of the idb's liquidity program for growth sustainability
publishDate 2010
url http://sedici.unlp.edu.ar/handle/10915/3667
http://www.depeco.econo.unlp.edu.ar/doctrab/doc79.pdf
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