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Apertura, encajes e intermediación financiera

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  • Hernando Vargas H.

Abstract

En este trabajo se desarrolla un modelo teórico simple de dos períodos capaz de acomodar varios estilizados de la macroeconomía y el sector financiero colombianos en la década actual, con el fin de responder dos preguntas: ¿Cómo varían los efectos macroeconómicos de cambios en las tasas de encaje e inflación ante distintas secuencias de gasto público e impuestos?, ¿Cuál sería el perfil definitivo del sistema financiero tras la apertura en presencia de tasas de encaje e inflación superiores a los niveles internacionales?

Suggested Citation

  • Hernando Vargas H., 1996. "Apertura, encajes e intermediación financiera," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 15(30), pages 5-40, December.
    • Handle: RePEc:bdr:ensayo:v:15:y:1996:i:30:p:5-40
    DOI: 10.32468/Espe.3001
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    References listed on IDEAS

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    1. Hernando Zuleta G., 1997. "Una Visión General Del Sistema Financiero Colombiano," Borradores de Economia 3732, Banco de la Republica.
    2. James, Christopher, 1987. "Some evidence on the uniqueness of bank loans," Journal of Financial Economics, Elsevier, vol. 19(2), pages 217-235, December.
    3. Espinosa-Vega, Marco A & Yip, Chong K, 1999. "Fiscal and Monetary Policy Interactions in an Endogenous Growth Model with Financial Intermediaries," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 40(3), pages 595-615, August.
    4. Marco A. Espinosa-Vega & Chong K. Yip, 1996. "An endogenous growth model of money, banking, and financial repression," FRB Atlanta Working Paper 96-4, Federal Reserve Bank of Atlanta.
    5. Bacchetta, Philippe & Caminal, Ramon, 1992. "Optimal seigniorage and financial liberalization," Journal of International Money and Finance, Elsevier, vol. 11(6), pages 518-538, December.
    6. Fama, Eugene F., 1985. "What's different about banks?," Journal of Monetary Economics, Elsevier, vol. 15(1), pages 29-39, January.
    7. Roberto Steiner & Adolfo Barajas & Natalia Salazar Ferro, 1997. "El margen de intermediación bancaria en Colombia," Coyuntura Económica, Fedesarrollo, December.
    8. Ben S. Bernanke & Mark Gertler, 1995. "Inside the Black Box: The Credit Channel of Monetary Policy Transmission," Journal of Economic Perspectives, American Economic Association, vol. 9(4), pages 27-48, Fall.
    9. Brock, Philip L, 1989. "Reserve Requirements and the Inflation Tax," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 21(1), pages 106-121, February.
    10. V. V. Chari & Larry E. Jones & Rodolfo E. Manuelli, 1996. "Inflation, growth, and financial intermediation," Review, Federal Reserve Bank of St. Louis, vol. 78(May), pages 41-58.
    11. Bhattacharya, Joydeep, et al, 1997. "Monetary, Fiscal, and Reserve Requirement Policy in a Simple Monetary Growth Model," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 38(2), pages 321-350, May.
    12. Bencivenga, Valerie R & Smith, Bruce D, 1992. "Deficits, Inflation, and the Banking System in Developing Countries: The Optimal Degree of Financial Repression," Oxford Economic Papers, Oxford University Press, vol. 44(4), pages 767-790, October.
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    Cited by:

    1. Constanza Martínez Ventura, 2008. "The Effects of Financial Intermediation on Colombian Economic Growth," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 26(57), pages 250-280, December.
    2. Camilo Zea, 1999. "Financial Inefficiency And Real Business Cycle In Colombia," Borradores de Economia 2722, Banco de la Republica.

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