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El canal del crédito bancario en Colombia: 1995-2005. Una aproximación mediante modelos de umbral

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  • Maria Isabel Restrepo Estrada

    ()
    (Facultad de Ciencias Económicas, Universidad de Antioquia)

  • Diana Constanza Restrepo Ochoa

    ()
    (Facultad de Ciencias Económicas, Universidad de Antioquia)

Abstract

The Bank Credit Channel, which amplifies the effects of the traditional channel of monetary policy, emphasizes on the structure and frictions of financial markets as determinants of aggregate spending. This paper aims at analyze and verify the existence of the bank credit channel in Colombia estimating a model proposed by Gibson (1997) which uses threshold regressions as a way to determine the impact of monetary policy on aggregate demand. Results do not allow dismissing the existence of this transmission mechanism in Colombia during the analyzed period, although it seems to operate only through contractionary monetary policy.

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Bibliographic Info

Article provided by Universidad de Antioquia, Departamento de Economía in its journal LECTURAS DE ECONOMÍA.

Volume (Year): (2007)
Issue (Month): 67 (Julio-Diciembre)
Pages: 99-118

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Handle: RePEc:lde:journl:y:2007:i:67:p:99-118

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Web page: http://economia.udea.edu.co
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Postal: Lecturas de Economía, Departamento de Economía, Calle 67, 53-108, Medellin 050010, Colombia.

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Keywords: monetary policy; transmission mechanisms; bank lending channel; threshold regressions;

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