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Foreign Investment in Colombia's Financial Sector

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  • Adolfo Barajas
  • Natalia Salazar
  • Roberto Steiner

Abstract

This study analyzes foreign investment in Colombia’s financial system, chronicling major changes in legislation, describing how investment flows evolved over time, and comparing performance of foreign–owned versus domestic banks. Panel data estimations reveal that financial liberalization in general had a beneficial impact on bank behavior in Colombia. Although the positive contribution of foreign entry may be overstated in recent studies by not controlling for other liberalization factors, foreign (and domestic) entry beginning in 1990 did improve bank behavior by enhancing operative efficiency and competition. However, this came at the expense of a deterioration in the loan quality of domestic banks.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 99/150.

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Length: 39
Date of creation: 01 Nov 1999
Date of revision:
Handle: RePEc:imf:imfwpa:99/150

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