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Item type:Publication, Asymmetries in the interest rate channel in inflation-targeting Latin American countries(Elsevier B.V., 2024-11-01)This paper presents, first, a theoretical model that, by highlighting that commercial banks with market power are able to positively pass on to their clients variations in their costs and, furthermore, that the strength with which they can do so is in turn asymmetrically related to the elasticity of the demand for loans exhibited by those clients, explains the asymmetric empirical findings shortly described. Secondly, it empirically investigates the pass-through of monetary policy rates (MPR) changes into the consumer and commercial loans interest rates set by commercial banks in four Latin American countries with inflation targeting (IT) schemes, namely (in alphabetic order) Brazil, Chile, Colombia, and Peru, over a homogeneous period. To do so, it estimates Non-Linear Auto-Regressive Distributed Lag (NARDL) models for each country. Then, we find two types of important asymmetric responses in the interest rate channel of IT monetary policy. The first is that the long-run response of the consumer loans interest rates following increases in the MPR is greater than that of the commercial loans interest rates. The second is that, in general, when the demand is relatively more elastic (as in the case of commercial loans) then the banks interest rates tend to exhibit a greater response when the central bank lowers the MPR than when it raises it. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Globalization and Skyscrapers: The Role of Architects in Latin America and Southeast Asia(Taylor and Francis Ltd., 2023-01-01)This paper performs a theoretical-empirical analysis of the effect of globalization on buildings’ height in Latin America and Southeast Asia. We develop a principal-agent model where global architecture firms use extra height as advertising in the tallest building per city, adding it to what determined by cities’ fundamentals of economic and geographic size. The model develops two ideas: (1) global architects have prestige advantages that allow them to add extra height, an advertising feature of their technical expertise and specialist competence, and (2) international architects of the Global South have additional reasons to use extra height compared to their Global North peers. The model is tested using a 2000–2018 panel database comprising 55 cities (from 25 countries). We find that in addition to economic and geography fundamentals, globalization and the location of architecture firms are strong determinants of buildings’ height, as predicted in our theoretical model of height as advertising.