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<p>Macroprudential FX regulations aim to reduce systemic currency-mismatch risks, yet their distributional effects on firms’ access to credit remain poorly understood. This paper studies Peru’s 2014 dedollarization policy, which sharply increased reserve requirements on banks’ dollar liabilities in proportion to their dollar lending to nontradable firms. Exploiting cross-sectional variation in banks’ exposure to the policy and using administrative loan-level data covering the universe of firms, I find that moving from the median to the 75th percentile of exposure is associated with a reduction in the growth of new total loans—the sum of dollar and local currency loans—, by roughly 10 percentage points for micro and small firms, with no significant effects for medium or large firms. Larger firms absorb the contraction in <i>dollar</i> credit by reallocating borrowing across banks and into local currency credit, whereas micro firms experience significant declines in both dollar and total credit, higher borrowing costs, and modest employment losses. The results highlight a trade-off between macroprudential objectives and credit access for small firms.</p>

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Macroprudential FX Regulations and Small Firms: Unintended Consequences for Credit Growth

  • 期刊论文

  • 发表日期：

    2026年5月20日

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  • Maria Alejandra Amado

摘要

Macroprudential FX regulations aim to reduce systemic currency-mismatch risks, yet their distributional effects on firms’ access to credit remain poorly understood. This paper studies Peru’s 2014 dedollarization policy, which sharply increased reserve requirements on banks’ dollar liabilities in proportion to their dollar lending to nontradable firms. Exploiting cross-sectional variation in banks’ exposure to the policy and using administrative loan-level data covering the universe of firms, I find that moving from the median to the 75th percentile of exposure is associated with a reduction in the growth of new total loans—the sum of dollar and local currency loans—, by roughly 10 percentage points for micro and small firms, with no significant effects for medium or large firms. Larger firms absorb the contraction in dollar credit by reallocating borrowing across banks and into local currency credit, whereas micro firms experience significant declines in both dollar and total credit, higher borrowing costs, and modest employment losses. The results highlight a trade-off between macroprudential objectives and credit access for small firms.