Abstract

CACHAGA HERRERA, Pablo  and  ROMERO CUEVAS, José Martin. Asymmetric Effect of Economic Activity on the Liquidity of the Bolivian Financial System. rlde [online]. 2020, n.33, pp.181-211. ISSN 2074-4706.

The research document analyzes the differentiated effect of extractive and non-extractive economic activity on the liquidity of the Bolivian financial system from 2000 to 2019. Considering the structural breakdown of liquidity from 2009 according to the Andrews and Zivot stationarity test, the analysis distinguishes between high and low liquidity regimes using the Structural Threshold Vector Autoregression methodology (TVAR). The impulseresponse functions show that a positive shock in economic activity generates differentiated increases in liquidity surplus according to the type of activity and liquidity regime. The analysis also revealed greater coherence between the expected movements in the liquidity surplus and changes in the variables associated with monetary policy in the highly liquid regime.

Keywords : Bolivia; monetary policy; liquidity surplus; extractive and non-extractive economic activity; Structural Threshold Vector Autoregression Model.

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