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La banca nacional de desarrollo en Colombia

Author

Listed:
  • José Antonio Ocampo
  • Paola Arias
  • Juan David Torres

Abstract

En Colombia los bancos nacionales de desarrollo (BND) conforman un sistema de cuatro (inicialmente cinco) instituciones especializadas. Se han enfocado en atender, con instrumentos financieros y no financieros, cuatro fallas de mercado: (i) el escaso financiamiento de largo plazo para proyectos de infraestructura, donde la FDN y Findeter han desempeñado un papel importante; (ii) la baja inclusión financiera, mediante el apoyo de Bancóldex y Finagro a pequeños y medianos productores; (iii) los altos riesgos asociados con la innovación y el cambio estructural, un área en la cual Bancóldex debe ampliar su alcance, y (iv) el limitado financiamiento verde, para lo cual recientemente se ha establecido una coordinación institucional, donde ya hay avances (como la creación del mercado de bonos verdes). El papel de los BND en atender una quinta falla de mercado, el carácter procíclico del financiamiento privado, ha sido limitado. El tamaño del sistema se ha reducido, comparado con el de los años noventa: la participación en el PIB creció para Findeter, se mantuvo para Finagro, y disminuyó para Bancóldex y la FDN, aunque con un impulso reciente en este último caso. Los bancos, excepto la FDN, operan mediante redescuento y se fondean con diversas fuentes nacionales e internacionales En su caso, Finagro se sigue beneficiando del crédito dirigido. El conjunto de los BND debe avanzar en términos de coordinación, para actuar como un verdadero sistema, y debe desarrollarse un nuevo marco regulatorio para las operaciones de redescuento. ****** In Colombia, national development banks (NDB) constitute a system of four (initially five) specialized institutions. They have focused on attending, with financial and non-financial instruments, to four market failures: (i) the provision of long-term financing for infrastructure, in which FDN and Findeter have played an important role; (ii) limited financial inclusion of small and medium-sized producers, with support from Bancoldex and Finagro; (iii) the high risks associated to innovation and technical change, a field in which Bancoldex must expand its role; and (iv) limited green financing, for which there are recent coordinated actions and advances such as the promotion of a market for green bonds. The role of NDBs in attending to a fifth market failure, compensating for the pro-cyclical pattern of private financing, has been limited. The size of the system has shrunk vis-à-vis the early 1990s: its share of GDP has increased for Findeter, while remaining constant for Finagro, and has fallen for Bancoldex and FDN, albeit with a recent increase in the latter. Except for FDN, banks operate through rediscounts and are funded by different national and international sources. Finagro still benefits from directed credit. NDBs must advance in terms of coordination in order to operate as a true system, and there must be a new regulatory framework for rediscount operations.

Suggested Citation

  • José Antonio Ocampo & Paola Arias & Juan David Torres, 2018. "La banca nacional de desarrollo en Colombia," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, issue 88, pages 1-36, December.
  • Handle: RePEc:bdr:ensayo:y:2018:i:88:p:1-36
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    1. Margarita Gafaro & José Antonio Ocampo & Sonia Daniela Monroy-Cely & Alejandro Rueda-Sanz, 2019. "Revisión de experiencias de apoyo a la agricultura familiar," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, issue 91, pages 1-77, August.

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    More about this item

    Keywords

    Bancos nacionales de desarrollo; fallas de mercado; financiamiento de largo plazo; inclusión financiera; innovación; finanzas verdes; national development banks; market failures; long-term financing; financial inclusion; innovation; green financing;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
    • H81 - Public Economics - - Miscellaneous Issues - - - Governmental Loans; Loan Guarantees; Credits; Grants; Bailouts
    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy
    • Q14 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agricultural Finance

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