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El efecto riqueza de la vivienda en Colombia

Author

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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.

Suggested Citation

  • Enrique López Enciso & Andrés Salamanca Lugo, 2009. "El efecto riqueza de la vivienda en Colombia," Borradores de Economia 5301, Banco de la Republica.
    • Handle: RePEc:col:000094:005301
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    References listed on IDEAS

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    Cited by:

    1. Wilmar Cabrera & Jorge Hurtado & Miguel Morales & Juan Sebastián Rojas, 2014. "A Composite Indicator of Systemic Stress (CISS) for Colombia," Borradores de Economia 826, Banco de la Republica de Colombia.
    2. Enrique López & Andrés Salamanca, 2009. "El efecto riqueza de la vivienda en Colombia," Coyuntura Económica, Fedesarrollo, December.
    3. John Jairo García & Nathalia Cadavid & Érika Aristizábal, 2018. "Efectos del crédito hipotecario sobre el precio de la vivienda nueva NO VIS en Medellín," Documentos de Trabajo de Valor Público 17009, Universidad EAFIT.
    4. 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 10854, Universidad del Norte.
    5. Ana María Iregui & Ligia Alba Melo B., 2009. "La transmisión de la política monetaria sobre el consumo en presencia de restricciones de liquidez," Borradores de Economia 5254, Banco de la Republica.
    6. Milton Camelo Rincón & Jacobo Campo Robledo, 2016. "Modelo de consumo de vivienda óptimo: estimaciones para Bogotá," Revista Facultad de Ciencias Económicas, Universidad Militar Nueva Granada, vol. 25(1), pages 75-93, December.
    7. Miguel Ángel Morales Mosquera & Wilmar Cabrera & Laura Capera & Dairo Estrada, 2012. "Un Mapa de Riesgo de Crédito para el Sistema Financiero Colombiano," Temas de Estabilidad Financiera 068, Banco de la Republica de Colombia.

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    More about this item

    Keywords

    Efecto riqueza; vivienda; consumo; canal de oferta; crédito hipotecario.;
    All these keywords.

    JEL classification:

    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth

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