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LA VIVIENDA EN COLOMBIA: Sus Determinantes Socio-Económicos y Financieros

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  • Sergio Clavijo

    ()

  • Michel Janna

    ()

  • Santiago Muñoz

    ()

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    Abstract

    El objetivo de este trabajo es proporcionar una visión de conjunto del mercado hipotecario en Colombia y su relación con los principales determinantes que se encuentran a nivel internacional. Nuestras recomendaciones apuntan a examinar la cadena productiva y obtener un mejor entendimiento de las estadísticas “vitales” del sector vivienda y su relación con las condiciones crediticias. También presentamos un modelo simultáneo tendiente a explicar los ciclos de precios hipotecarios en Colombia durante el periodo 1990-2003. Por el lado de la demanda, encontramos que el metraje construido es bastante elástico al ingreso laboral de los hogares y al precio de la vivienda nueva, así como a la tasa de interés real. Por el lado de la oferta, se observó una elasticidad alta a los costos de construcción y un efecto riqueza moderado. Estos resultados son robustos a diferentes tipos de estimación.

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    Bibliographic Info

    Paper provided by BANCO DE LA REPÚBLICA in its series BORRADORES DE ECONOMIA with number 003099.

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    Length: 56
    Date of creation: 31 Aug 2004
    Date of revision:
    Handle: RePEc:col:000094:003099

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    Related research

    Keywords: Mercados financieros;

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    References

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    1. Mauricio Cardenas & Alejandro Badel, 2003. "La crisis de financiamiento hipotecario en Colombia: Causas y consecuencias," Research Department Publications 4355, Inter-American Development Bank, Research Department.
    2. Muellbauer, John & Murphy, Anthony, 1997. "Booms and Busts in the UK Housing Market," Economic Journal, Royal Economic Society, vol. 107(445), pages 1701-27, November.
    3. Alejandro Gaviria, 2004. "Del Romanticismo Al Realismo Social: Lecciones De La Década Del 90," DOCUMENTOS CEDE 002265, UNIVERSIDAD DE LOS ANDES-CEDE.
    4. Sergio Clavijo, 2002. "Política Monetaria Y Cambiaria En Colombia: Progresos Y Desafíos (1991-2002)," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE.
    5. Joshua Gallin, 2003. "The long-run relationship between house prices and income: evidence from local housing markets," Finance and Economics Discussion Series 2003-17, Board of Governors of the Federal Reserve System (U.S.).
    6. Kostas Tsatsaronis & Haibin Zhu, 2004. "What drives housing price dynamics: cross-country evidence," BIS Quarterly Review, Bank for International Settlements, March.
    7. Karl E. Case, 2000. "Real Estate and Macroeconomy," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 31(2), pages 119-162.
    8. Caplin, Andrew & Freeman, Charles & Tracy, Joseph, 1997. "Collateral Damage: Refinancing Constraints and Regional Recessions," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 29(4), pages 496-516, November.
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