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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. 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.
    2. Eugenio Gaiotti & Andrea Generale, 2001. "Does monetary policy have asymmetric effects? A look at the investment decisions of Italian firms," Temi di discussione (Economic working papers) 429, Bank of Italy, Economic Research and International Relations Area.
    3. Katrin Wesche, 2000. "Is there a Credit Channel in Austria? The Impact of Monetary Policy on Firms' Investment Decisions," Working Papers 41, Oesterreichische Nationalbank (Austrian Central Bank).
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    8. Peersman, Gert & Smets, Frank, 2002. "The industry effects of monetary policy in the euro area," Working Paper Series 0165, European Central Bank.
    9. Mauricio Avella Gómez, 2007. "El Encaje Bancario en Colombia Perspectiva General," BORRADORES DE ECONOMIA 004327, BANCO DE LA REPÚBLICA.
    10. Maria Teresa Valderrama, 2002. "Credit Channel and Investment Behavior in Austria: A Micro-Econometric Approach," Working Papers 58, Oesterreichische Nationalbank (Austrian Central Bank).
    11. Agustinus, Prasetyantoko, 2007. "Debt Composition and Balance Sheet Effect of Currency Crisis in Indonesia," MPRA Paper 6501, University Library of Munich, Germany.
    12. Stephen D. Oliner & Glenn D. Rudebusch, 1996. "Is there a broad credit channel for monetary policy?," Economic Review, Federal Reserve Bank of San Francisco, pages 3-13.
    13. Jacques MAIRESSE & Bronwyn H. HALL & Benoît MULKAY, 1999. "Firm-Level Investment in France and the United States: An Exploration of What We Have Learned in Twenty Years," Annales d'Economie et de Statistique, ENSAE, issue 55-56, pages 27-67.
    14. Carlos A. Huertas & Munir Jalil & Sergio Olarte & José Vicente Romero, . "Algunas consideraciones sobre el canal del crédito y la transmisión de tasas de interés en Colombia," Borradores de Economia 351, Banco de la Republica de Colombia.
    15. Blanca Zuluaga, 2004. "La Política Monetaria: Teoria Y Caso Colombiano," APUNTES DE ECONOMÍA 003057, UNIVERSIDAD ICESI.
    16. 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.
    17. 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.
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