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Credit bubble and stagnation in Colombia, 1990-2001

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Author Info
Fernando Tenjo ()
Enrique López ()

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Abstract

This paper explores the dynamics of the credit-crunch affecting Colombia during the second half of the 1990s. Its main objectives are to present statistical evidence regarding the phenomenon in question, to ascertain rhythms deriving from it ans some working hypotheses shedding some light on determinants of Colombian credit behaviour.The study distinguishes between exogenous and endogenous factors explaining this behavior. External capital flows play a key role in the former as their size and direction highly influence internal credit conditions and economic activity. However, changes in this flows are chanelled through a domestic financial system that amplifies their negative effect on the economy, thus playing a procedural-cyclical role.

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Article provided by COLOMBIAN ECONOMIC JOURNAL in its journal COLOMBIAN ECONOMIC JOURNAL.

Volume (Year): (2003)
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Handle: RePEc:col:000096:002234

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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  2. Demirguc-Kunt, Asli & Maksimovic, Vojislav, 2001. "Firms as financial intermediaries - evidence from trade credit data," Policy Research Working Paper Series 2696, The World Bank. [Downloadable!]
  3. Leonardo Villar & Hernán Rincón, . "The Colombian Economy in the nineties: Capital Flows and Foreign Exchange Regimes," Borradores de Economia 149, Banco de la Republica de Colombia. [Downloadable!]
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  4. Philippe Aghion & Philippe Bacchetta & Abhijit Banerjee, 2000. "Capital Markets and the Instability of Open Economies," Working Papers 99.01 update, Swiss National Bank, Study Center Gerzensee. [Downloadable!]
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  5. Bernanke, Ben S. & Gertler, Mark & Gilchrist, Simon, 1999. "The financial accelerator in a quantitative business cycle framework," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 21, pages 1341-1393 Elsevier. [Downloadable!] (restricted)
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  6. Aaron Tornell & Frank Westermann, 2003. "Credit Market Imperfections in Middle Income Countries," NBER Working Papers 9737, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  7. Aghion, Philippe & Bacchetta, Philippe & Banerjee, Abhijit, 2001. "Currency crises and monetary policy in an economy with credit constraints," European Economic Review, Elsevier, vol. 45(7), pages 1121-1150. [Downloadable!] (restricted)
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  8. Philippe Aghion & Philippe Bacchetta & Abhijit Banerjee, 2001. "A Corporate Balance-Sheet Approach to Currency Crises," Cahiers de Recherches Economiques du Département d'Econométrie et d'Economie politique (DEEP) 01.14, Université de Lausanne, Faculté des HEC, DEEP. [Downloadable!]
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  9. Greenwald, B & Stiglitz, Joseph E, 1987. "Keynesian, New Keynesian and New Classical Economics," Oxford Economic Papers, Oxford University Press, vol. 39(1), pages 119-33, March. [Downloadable!] (restricted)
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  10. Ben S. Bernanke, 1993. "Credit in the macroeconomy," Quarterly Review, Federal Reserve Bank of New York, issue Spr, pages 50-70.
  11. Paul Krugman, 1999. "Balance Sheets, the Transfer Problem, and Financial Crises," International Tax and Public Finance, Springer, vol. 6(4), pages 459-472, November. [Downloadable!] (restricted)
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  13. Michel Aglietta, 1993. "Crises et cycles financiers : une approche comparative," Working Papers 1993-05, CEPII research center. [Downloadable!]
  14. Adolfo Barajas & Roberto Steiner, 2002. "Credit Stagnation in Latin America," IMF Working Papers 02/53, International Monetary Fund.
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  16. Alejandro Izquierdo, 2002. "Sudden Stops, the Real Exchange Rate and Fiscal Sustainability in Argentina," The World Economy, Blackwell Publishing, vol. 25(7), pages 903-923, 07. [Downloadable!] (restricted)
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  18. José D. Uribe & Hernando Vargas, 2002. "Financial Reform, Crisis And Consolidation In Colombia," BORRADORES DE ECONOMIA 002724, BANCO DE LA REPÚBLICA. [Downloadable!]
  19. Fama, Eugene F., 1980. "Banking in the theory of finance," Journal of Monetary Economics, Elsevier, vol. 6(1), pages 39-57, January. [Downloadable!] (restricted)
  20. Blinder, Alan S, 1987. "Credit Rationing and Effective Supply Failures," Economic Journal, Royal Economic Society, vol. 97(386), pages 327-52, June. [Downloadable!] (restricted)
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  21. A.N. Shiryaev & S.E. Shreve & D. Sondermann, 2001. "Editorial," Finance and Stochastics, Springer, vol. 5(1), pages 1-2. [Downloadable!] (restricted)
  22. Frederic S. Mishkin, 2000. "Prudential Supervision: Why Is It Important and What are the Issues?," NBER Working Papers 7926, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  23. Jason Furman & Joseph E. Stiglitz, 1998. "Economic Crises: Evidence and Insights from East Asia," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(1998-2), pages 1-136. [Downloadable!]
  24. Juan Manuel Julio, . "Relación entre la Tasa de Intervención del Banco de la República y las Tasas del Mercado: Una Exploración Empírica," Borradores de Economia 188, Banco de la Republica de Colombia. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Boris Branisa & Adriana Cardozo, 2009. "Revisiting the Regional Growth Convergence Debate in Colombia Using Income Indicators," Ibero America Institute for Econ. Research (IAI) Discussion Papers 194, Ibero-America Institute for Economic Research, revised 21 Aug 2009. [Downloadable!]
  2. Sergio Clavijo & Michel Janna & Santiago Munoz, 2005. "The Housing Market in Colombia: Socioeconomic and Financial Determinants," RES Working Papers 4389, Inter-American Development Bank, Research Department. [Downloadable!]
  3. Sergio Clavijo & Michel Janna & Santiago Munoz, 2005. "El mercado colombiano de la vivienda: factores socioeconómicos y financieros determinantes," RES Working Papers 4390, Inter-American Development Bank, Research Department. [Downloadable!]
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