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La relación entre los flujos de capital y el precio de la vivienda: el caso colombiano

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  • Aquiles Arrieta Barcasnegras

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    Abstract

    El objetivo primordial de este artículo es probar si los flujos de capital conducen sistemáticamente al alza reciente en los precios de la vivienda en Colombia. Apoyado en el soporte teórico del modelo de Zanna (1996), se estiman dos modelos VEC aplicados a variables de carácter macroeconómico. Los resultados que se desprenden del análisis de las funciones impulso respuesta y descomposición de varianza, muestran que existe una evidencia débil para aceptar dicha hipótesis, por lo que se sugiere que las condiciones internas asociadas con la mayor regulación del sector hipotecario y con los fundamentales del precio son claves a la hora de explicar por qué los flujos de capital no juegan un rol tan activo como lo hicieron a finales de la década de 1990 y el por qué de los altos valores de las unidades residenciales en el país durante el último tiempo, respectivamente.

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    Bibliographic Info

    Article provided by UNIVERSIDAD DEL NORTE in its journal REVISTA DE ECONOMÍA DEL CARIBE.

    Volume (Year): (2012)
    Issue (Month): ()
    Pages:

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    Handle: RePEc:col:000382:010854

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    Keywords: Flujos de capital; precios de la vivienda; modelo VEC;

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    1. David Laibson & Johanna Mollerstrom, 2010. "Capital Flows, Consumption Booms and Asset Bubbles: A Behavioural Alternative to the Savings Glut Hypothesis," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 120(544), pages 354-374, 05.
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    9. Fernando Tenjo & Luisa F. Charrry V. & Martha López & Juan M. Ramírez, 2007. "Acelerador Financiero y Ciclos Económicos en Colombia: Un Ejercicio Exploratorio," BORRADORES DE ECONOMIA, BANCO DE LA REPÚBLICA 004019, BANCO DE LA REPÚBLICA.
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    13. Bracke, Philippe, 2013. "How long do housing cycles last? A duration analysis for 19 OECD countries," Journal of Housing Economics, Elsevier, Elsevier, vol. 22(3), pages 213-230.
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