Impacto de la política monetaria y las estrategias microfinancieras sobre el riesgo crediticio en el Perú: 1995-2012

This thesis intends to know in what measure and in what way was influenced by the monetary policy and the microfinance strategies on the level of credit risk in Peru during the period 1995-2012; it must be emphasize that this type of risk will be measured with the indicator of banking default. In fact, the more influent global policy to control inflation during the 70 and 80, decades was the monetary policy; therefore, it will be analyzed in which manner this policy made possible to reach moderate rates of inflation comparable with those of developed countries; this low rate of inflation in turn caused a drastic reduction of the active rate of interest of the financial system during the period under analysis. Immediately it will be analyzed the impact of this reduction over banking default. On the other hand, it will be studied the economic growth evolution of Peru during the period 1995-2012 as the variety of micro financing technologies and its relation with credit risk. Finally, an econometric model of multiple linear regressions will be constructed to estimate quantitatively the impact of a sustained reduction in the active rate of interest as the economic growth over banking default of the banking system as in the Cajas Municipales which are the leading institutions in the microfinancing segment.