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El efecto riqueza de la vivienda en Colombia

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  • Enrique López Enciso

    ()

  • Andrés Salamanca Lugo

    ()

Abstract

Este documento analiza la riqueza en vivienda como un canal de trasmisión de lapolítica monetaria en Colombia, a partir de la evidencia de un modelo deEquilibrio general dinámico y estocástico calibrado para la economía colombiana.La medición del efecto riqueza para Colombia arrojó como resultado unapropensión marginal a consumir anual igual a 0,012. Con estos resultados, seencontró que el efecto riqueza estimado es poco significativo en relación a lasmedidas realizadas para otros países. El análisis de impulso-respuesta mostró que:i) el efecto riqueza posee una duración esperada corta y con efectos asimétricossobre el consumo; ii) el canal de oferta de vivienda de la política monetaria espequeño aunque sus efectos de jalonamiento sobre los demás sectores de laeconomía son importantes y; iii) los efectos del apalancamiento del créditohipotecario son pequeños.

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Bibliographic Info

Paper provided by BANCO DE LA REPÚBLICA in its series BORRADORES DE ECONOMIA with number 005301.

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Length: 59
Date of creation: 24 Feb 2009
Date of revision:
Handle: RePEc:col:000094:005301

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Keywords: Efecto riqueza; vivienda; consumo; canal de oferta; crédito hipotecario.;

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References

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  1. Juan Carlos Parra Alvarez, 2008. "Hechos Estilizados de la Economía Colombiana:Fundamentos Empíricos para la Construcción y Evaluación de un Modelo DSGE," BORRADORES DE ECONOMIA 004602, BANCO DE LA REPÚBLICA.
  2. Campbell, John Y & Deaton, Angus, 1989. "Why Is Consumption So Smooth?," Review of Economic Studies, Wiley Blackwell, vol. 56(3), pages 357-73, July.
  3. Matteo Iacoviello & Stefano Neri, 2010. "Housing Market Spillovers: Evidence from an Estimated DSGE Model," American Economic Journal: Macroeconomics, American Economic Association, vol. 2(2), pages 125-64, April.
  4. Ana María Iregui B. & Ligia Alba Melo B., . "La transmisión de la política monetaria sobre el consumo en presencia de restricciones de liquidez," Borradores de Economia 547, Banco de la Republica de Colombia.
  5. Lavan Mahadeva & Juan Carlos Parra Alvarez, . "Testing a DSGE model and its partner database," Borradores de Economia 479, Banco de la Republica de Colombia.
  6. Andrea Gerali & Stefano Neri & Luca Sessa & Federico M. Signoretti, 2010. "Credit and Banking in a DSGE Model of the Euro Area," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 42(s1), pages 107-141, 09.
  7. Carlos Pombo, 1999. "Productividad industrial en Colombia: Una aplicación de números índices," REVISTA DE ECONOMÍA DEL ROSARIO, UNIVERSIDAD DEL ROSARIO.
  8. Filippo Altissimo & Evaggelia Georgiou & Teresa Sastre & Maria Teresa Valderrama & Gabriel Sterne & Marc Stocker & Mark Weth & Karl Whelan & Alpo Willman, 2005. "Wealth and asset price effects on economic activity," Occasional Paper Series 29, European Central Bank.
  9. Iris Claus & Grant Scobie, 2001. "Household Net Wealth: An International Comparison," Treasury Working Paper Series 01/19, New Zealand Treasury.
  10. Jesús Antonio Bejarano Rojas, 2005. "Estimación Estructural Y Análisis De La Curva De Phillips Neokeynesiana Para Colombia," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE.
  11. Hernando Zuleta & Julián David Parada & Jacobo Campo & Andrés García, 2009. "Capital natural, capital humano y participación de los factores. Una revisión de los métodos de medición del crecimiento económico," DOCUMENTOS DE TRABAJO 004713, UNIVERSIDAD DEL ROSARIO.
  12. 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.
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Cited by:
  1. 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.
  2. Ana María Iregui B. & Ligia Alba Melo B., . "La transmisión de la política monetaria sobre el consumo en presencia de restricciones de liquidez," Borradores de Economia 547, Banco de la Republica de Colombia.
  3. Miguel Ángel Morales Mosquera & Wilmar Cabrera & Laura Capera & Dairo Estrada, . "Un Mapa de Riesgo de Crédito para el Sistema Financiero Colombiano," Temas de Estabilidad Financiera 068, Banco de la Republica de Colombia.
  4. Enrique López & Andrés Salamanca, 2009. "El efecto riqueza de la vivienda en Colombia," COYUNTURA ECONÓMICA, FEDESARROLLO.

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