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Un Modelo Teórico Sobre Crédito, Represión Financiera Y Flujos De Capital

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  • Leonardo Villar Gómez

    ()

  • David M. Salamanca Rojas

    ()

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    Abstract

    En este trabajo se desarrolla un modelo teórico con fundamentos microeconómicos sobre el funcionamiento del mercado de crédito en una economía abierta. El modelo permite identificar los canales a través de los cuales el sistema financiero doméstico puede propagar y amplificar los ciclos inducidos por fluctuaciones en las tasas de interés internacionales y es consistente con la observación empírica de una correlación positiva entre el crédito en pesos al sector privado y los flujos de capitales que se puede apreciar en el caso colombiano. Con base en el modelo se muestra que la utilización activa de los coeficientes de encaje bancario con propósitos contracíclicos, tal como fue sugerida por Edwards y Vegh (1997), puede ser contraproducente.

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    File URL: http://www.banrep.gov.co/docum/ensayos/pdf/espe_048-4.pdf
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    Bibliographic Info

    Article provided by BANCO DE LA REPÚBLICA - ESPE in its journal ENSAYOS SOBRE POLÍTICA ECONÓMICA.

    Volume (Year): (2005)
    Issue (Month): ()
    Pages:

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    Handle: RePEc:col:000107:003689

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    Related research

    Keywords: Flujos de capital; crédito doméstico; represión financiera;

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    References

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    1. Caballero, Ricardo J. & Krishnamurthy, Arvind, 2004. "Smoothing sudden stops," Journal of Economic Theory, Elsevier, vol. 119(1), pages 104-127, November.
    2. Leonardo Villar & Hernán Rincón, 2001. "Flujos De Capital Y Régimenes Cambiarios En La Década De Los 90," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE.
    3. Edwards, Sebastian & Vegh, Carlos A., 1997. "Banks and macroeconomic disturbances under predetermined exchange rates," Journal of Monetary Economics, Elsevier, vol. 40(2), pages 239-278, October.
    4. Ben S. Bernanke & Alan S. Blinder, 1989. "Credit, Money, and Aggregate Demand," NBER Working Papers 2534, National Bureau of Economic Research, Inc.
    5. Guillermo A. Calvo & Alejandro Izquierdo & Luis Fernando Mejía, 2004. "On the Empirics of Sudden Stops: The Relevance of Balance-Sheet Effects," Research Department Publications 4367, Inter-American Development Bank, Research Department.
    6. Chinn, Menzie-D & Dooley, Michael-P, 1997. "Financial Repression and Capital Mobility: Why Capital Flows and Covered Interest Rate Differentials Fail to Measure Capital Market Integration," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 15(2), pages 81-103, December.
    7. Brunner, Karl & Meltzer, Allan H., 1990. "Money supply," Handbook of Monetary Economics, in: B. M. Friedman & F. H. Hahn (ed.), Handbook of Monetary Economics, edition 1, volume 1, chapter 9, pages 357-398 Elsevier.
    8. Guillermo A. Calvo & Carmen M. Reinhart, 2000. "Fear of Floating," NBER Working Papers 7993, National Bureau of Economic Research, Inc.
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