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Evidencia del canal de la hoja de balance a través de la inversión de las empresas colombianas (1995-2007)

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  • Santiago Villegas Salazar

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    Abstract

    En esta investigación se realiza una aplicaciónempírica del canal de la hoja de balance enColombia entre 1995 y 2007, utilizando un panelconstruido con información contable de firmas nofinancieras que ejercen su actividad en el territoriocolombiano. El objetivo es mostrar que la estructurade la inversión de las empresas colombianasrespalda la existencia del canal de transmisión dela hoja de balance. Este trabajo hace una contribuciónimportante al comprobar que en Colombialas asimetrías de información en los mercados decrédito y la capacidad de las firmas de señalizarseadecuadamente tienen un efecto profundo sobresus fuentes de financiamiento. Los resultados delas estimaciones apoyan la existencia del canal dela hoja de balance en el país.

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    Bibliographic Info

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

    Volume (Year): (2009)
    Issue (Month): ()
    Pages:

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    Handle: RePEc:col:000107:007818

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    Related research

    Keywords: canal de transmisión de la hoja debalance; fuentes de financiamiento; asimetrías deinformación; Colombia.;

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    1. Agustinus Prasetyantoko, 2006. "Debt Composition and Balance Sheet Effect of Currency Crisis in Indonesia," Post-Print halshs-00134223, HAL.
    2. Bronwyn Hall & Jacques Mairesse, 1998. "Firm-Level Investment in France and the United States: An exploration of what we have learned in twenty years," Economics Series Working Papers 1998-W09, University of Oxford, Department of Economics.
    3. Steve Bond & Julie Elston & Jacques Mairesse & Benoit Mulkay, 1997. "Financial factors and investment in Belgium, France, German and the UK: A comparison using company panel data," IFS Working Papers W97/08, Institute for Fiscal Studies.
    4. Valderrama, Maria Teresa, 2001. "Credit channel and investment behaviour in Austria: a micro-econometric approach," Working Paper Series 0108, European Central Bank.
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    10. Ben S. Bernanke & Mark Gertler, 1995. "Inside the Black Box: The Credit Channel of Monetary Policy Transmission," NBER Working Papers 5146, National Bureau of Economic Research, Inc.
    11. Benavente, Jose Miguel & Johnson, Christian A. & Morande, Felipe G., 2003. "Debt composition and balance sheet effects of exchange rate depreciations: a firm-level analysis for Chile," Emerging Markets Review, Elsevier, vol. 4(4), pages 397-416, December.
    12. Patrick Lünnemann & Thomas Mathä, 2002. "Monetary transmission: empirical evidence from Luxembourg firm-level data," BCL working papers 5, Central Bank of Luxembourg.
    13. Stephen G. Cecchetti, 1995. "Distinguishing theories of the monetary transmission mechanism," Proceedings, Federal Reserve Bank of St. Louis, issue May, pages 83-97.
    14. Blanca Zuluaga, 2004. "La Política Monetaria: Teoria Y Caso Colombiano," APUNTES DE ECONOMÍA 003057, UNIVERSIDAD ICESI.
    15. Chirinko, Robert S. & Fazzari, Steven M. & Meyer, Andrew P., 1999. "How responsive is business capital formation to its user cost?: An exploration with micro data," Journal of Public Economics, Elsevier, vol. 74(1), pages 53-80, October.
    16. Mauricio Avella Gómez, 2007. "El Encaje Bancario en Colombia Perspectiva General," BORRADORES DE ECONOMIA 004327, BANCO DE LA REPÚBLICA.
    17. Juan Carlos Echeverry & Leopoldo Fergusson & Roberto Steiner & Camila Aguilar, 2003. "Determinants And Consequences Of Foreign In Debtedness In Colombian Firms," DOCUMENTOS CEDE 002333, UNIVERSIDAD DE LOS ANDES-CEDE.
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