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The impacts of credit availability: an impulse response function analysis
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Resumo(s)
This paper employs Local Projections (LPs) to analyse the impact of the Flexible Credit Line
(FCL), an International Monetary Fund (IMF) initiative introduced during the Global Financial
Crisis (GFC). LPs offer insights into the responses of macroeconomic variables following
access to the FCL. It focuses on GDP and other economic indicators in Chile, Colombia,
Mexico, Peru and Poland. Notably, GDP responses exhibit cyclical patterns, with little
immediate impact but discernible effects during economic fluctuations. Examination of current,
capital, and financial accounts reveals varied and imbalanced responses. Overall, the study
suggests that the FCL's impact is more pronounced during economic imbalances.
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Local projections Impulse response function International monetary fund Flexible credit line