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Choques financieros, precios de activos y recesión en Colombia

  • Badel Alejandro


En este trabajo se desarrolla una versión estocástica de agente representativo del modelo de ciclos crediticios de Kiyotaki y Moore (1997) donde os choques al financiamiento internacional generan fluctuaciones persistentes en los precios de los activos y el producto. Con base en este modelo, se analizan las fluctuaciones macroeconómicas experimentadas por Colombia durante la década del noventa. En particular, se busca una teoría que pueda explicar de manera coherente tres elementos fundamentales: las fluctuaciones en el precio de los activos, el comportamiento del crédito y la recesión, a partir de choques exógenos pequeños al financiamiento internacional. Usando una estimación empírica de este modelo, se encuentra el costo en bienestar de las restricciones crediticias para Colombia.

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Volume (Year): (2002)
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Handle: RePEc:col:000090:004098
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