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Acelerador Financiero y Ciclos Económicos en Colombia: Un Ejercicio Exploratorio

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Author Info

  • Fernando Tenjo

    ()

  • Luisa F. Charrry V.
  • Martha López

    ()

  • Juan M. Ramírez

Abstract

A partir del debate sobre la respuesta de política a fluctuaciones en los precios de losactivos, en el presente documento se estudia la importancia de estos precios en elcontexto de una economía emergente como la colombiana, caracterizada por ungrado variable de represión financiera y vulnerabilidad a choques externos, enparticular de flujos de capital y términos de intercambio. El trabajo encuentraevidencia sobre el funcionamiento del acelerador financiero y su relación con dichoschoques en el período 1970 - 2006. A partir de allí se identifican tres ciclos deprecios de los activos que coinciden con ciclos del PIB. Los resultados subrayan laincidencia de choques externos y del diseño macroeconómico de la políticamonetaria en la dinámica del acelerador financiero. Esto corrobora la importancia devariables como los precios de los activos y el crédito para el diseño de una políticamonetaria contra-cíclica.

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Bibliographic Info

Paper provided by BANCO DE LA REPÚBLICA in its series BORRADORES DE ECONOMIA with number 004019.

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Length: 26
Date of creation: 27 Aug 2007
Date of revision:
Handle: RePEc:col:000094:004019

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Related research

Keywords: Financial accelerator; business fluctuations and cycles; asset pricebooms.;

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Cited by:
  1. Fernando Tenjo & Martha López, 2010. "Early Warning Indicators for Latin America""," BORRADORES DE ECONOMIA 007073, BANCO DE LA REPÚBLICA.
  2. Carolina Arteaga cabrales & Carlos Huertas Campos & Sergio Olarte Armenta, 2012. "Índice de Desbalance Macroeconómico," Borradores de Economia 744, Banco de la Republica de Colombia.
  3. Aquiles Arrieta Barcasnegras, 2012. "La relación entre los flujos de capital y el precio de la vivienda: el caso colombiano," REVISTA DE ECONOMÍA DEL CARIBE, UNIVERSIDAD DEL NORTE.
  4. Esteban Gómez & sandra Rozo, 2007. "Beyond Bubbles:The role of asset prices in early-warning indicators," BORRADORES DE ECONOMIA 004050, BANCO DE LA REPÚBLICA.
  5. Hernando Vargas Herrera & Carlos Varela, 2008. "Capital Flows and Financial Assets in Colombia: Recent Behavior, Consequences and Challenges for the Central Bank," BORRADORES DE ECONOMIA 004588, BANCO DE LA REPÚBLICA.
  6. Gloria Cecilia Martínez, 2008. "Anatomía de los ciclos económicos en Colombia 1970-2007," BORRADORES DE ECONOMIA 004569, BANCO DE LA REPÚBLICA.

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