Política monetaria no convencional y estabilidad financiera del Perú en el periodo 2020-2022

Abstract

The objective of this research is to describe Peru's financial stability, the unconventional monetary policy of the BCRP, and the relevant risks or side effects arising from its application during the 2020-2022 period. The research, with a mixed approach and descriptive level, includes a quantitative and a qualitative phase. In the quantitative phase, the unconventional monetary policy measures implemented by the BCRP are described, as well as their transmission to the financial sector, in addition to identifying the key financial indicators to assess Peru's financial stability and inclusion. In the qualitative phase, data was collected through opinion surveys directed at professionals with experience in monetary policy and macrofinance, who expressed their expectations and concerns about the implementation of these policies and their impact on the country’s financial stability and inclusion. The study results suggest that Peru's financial stability remained at adequate levels during the study period, with indicators showing a progressive recovery towards pre­ pandemic levels. Additionally, professionals consider that the unconventional monetary policy of the BCRP was effective in mitigating the economic shocks caused by the COVID-19 pandemic. However, it is emphasized that, although the risks and side effects of these measures were limited, it is crucial to develop technological infrastructure that will enable the country to face future crises more effectively and ensure greater resilience of the financial system.