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Choques financieros, precios de activos y recesión en Colombia

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  • Badel Alejandro

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Abstract

En este trabajo se desarrolla una versión estocástica de agente representativo del modelo de ciclos crediticios de Kiyotaki y Moore (1997) donde os choques al financiamiento internacional generan fluctuaciones persistentes en los precios de los activos y el producto. Con base en este modelo, se analizan las fluctuaciones macroeconómicas experimentadas por Colombia durante la década del noventa. En particular, se busca una teoría que pueda explicar de manera coherente tres elementos fundamentales: las fluctuaciones en el precio de los activos, el comportamiento del crédito y la recesión, a partir de choques exógenos pequeños al financiamiento internacional. Usando una estimación empírica de este modelo, se encuentra el costo en bienestar de las restricciones crediticias para Colombia.

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File URL: http://economia.uniandes.edu.co/revistadys/49/6fb0Choques.pdf
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Bibliographic Info

Article provided by UNIVERSIDAD DE LOS ANDES-CEDE in its journal REVISTA DESARROLLO Y SOCIEDAD.

Volume (Year): (2002)
Issue (Month): ()
Pages:

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Handle: RePEc:col:000090:004098

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Related research

Keywords: precios de activos; flujos de capital; ciclos de crédito; América Latina;

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Cited by:
  1. Aquiles Arrieta Barcasnegras, 2012. "La relación entre los flujos de capital y el precio de la vivienda: el caso colombiano," REVISTA DE ECONOMÍA DEL CARIBE, UNIVERSIDAD DEL NORTE, UNIVERSIDAD DEL NORTE.
  2. Alberto Jaramillo & Hermilson Velásquez & Javier Santiago Ortiz & Natalia Serna, 2003. "Aspectos teóricos y empíricos de la relación empresas bancos," DOCUMENTOS DE TRABAJO CIEF, UNIVERSIDAD EAFIT 003922, UNIVERSIDAD EAFIT.
  3. Wilman Gómez & Carlos Esteban Posada, . "Un "Choque" del Activo Externo Neto y el Ciclo Económico Colombiano," Borradores de Economia, Banco de la Republica de Colombia 285, Banco de la Republica de Colombia.
  4. Carlos Esteban Posada Posada & Wilman Gómez, 2004. "Un choque del activo externo neto y el ciclo económico Colombiano 1994-2001," BORRADORES DE ECONOMIA, BANCO DE LA REPÚBLICA 003674, BANCO DE LA REPÚBLICA.

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