Abstract

SANCHEZ VARGAS, Armando; PERROTINI HERNANDEZ, Ignacio; GOMEZ, Gabriel  and  MENDEZ MENDEZ, Jonathan Bruno. El canal de transmisión de las tasas de interés en la política monetaria de México. Econ: teor. práct [online]. 2012, n.36, pp.133-154. ISSN 2448-7481.

This paper aims to determine empirically the main transmission channels between short-term and long-run interest rates in the Mexican economy. Econometric results, obtained from a structural cointegrated VAR model, point out two clearly defined channels of transmission. Moreover, monopolistic credit institutions in the local market appear to play a fundamental role in the transmission mechanism of interest rates.

Keywords : central banking; cointegration; credit; interest rate; monetary policy.