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Shadow Banking y Liquidez en Colombia


Author Info

  • Pamela Cardozo


  • Jorge Cely


  • Andrés MUrcia



En este estudio calculamos un indicador de la actividad de shadow banking en Colombia para el período comprendido entre enero de 2011 y marzo de 2013. Dicho indicador sugiere que esta actividad ha venido incrementándose y representa cerca del 9,9% del PIB de 2012. Adicionalmente, evaluamos el nivel de prociclicidad que puede tener la decisión de apalancamiento de un grupo de intermediarios financieros especialmente asociados a este tipo de actividad, encontrando que dicha prociclicidad está asociada a un mayor uso de operaciones repo y de simultáneas por parte de los intermediarios financieros. Finalmente, a través de la adaptación de un modelo teórico de liquidez y apalancamiento (Tirole, 2011) planteamos bajo qué condiciones dichas decisiones de apalancamiento se tornan procíciclicas.

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Bibliographic Info

Paper provided by Banco de la Republica de Colombia in its series Borradores de Economia with number 780.

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Length: 38
Date of creation: Sep 2013
Date of revision:
Handle: RePEc:bdr:borrec:780

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Keywords: Shadow banking; prociclicidad; liquidez; decisiones de apalancamiento. Classification JEL: D82; D84; G24;

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  1. Bernanke, Ben S. & Gertler, Mark & Gilchrist, Simon, 1999. "The financial accelerator in a quantitative business cycle framework," Handbook of Macroeconomics, Elsevier, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 21, pages 1341-1393 Elsevier.
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