IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this article or follow this journal

La indexación de los saldos hipotecarios y la crisis colombiana de final de siglo XX

  • Juan Esteban Carranza

    ()

El objetivo de este artículo es evaluar el impacto sobre el default hipotecario de la política que regulaba la indexación de los saldos hipotecarios durante la década de los noventa. Argumentamos en el artículo que la política introducida por las autoridades económicas colombianas durante los primeros años de la década, tuvo un efecto sustancial sobre la tasa de default hipotecario observada durante la crisis económica y financiera que ocurrió a finales de la década. Hacemos un análisis econométrico basado en un modelo de default óptimo y una muestra aleatoria de hipotecas vigentes entre 1997 y 2004. Los resultados implican que las variables más importantes en la determinación del default observado fueron los saldos de las hipotecas y los precios de los bienes raíces, mas no la caída del ingreso. Además, estimamos que aproximadamente la mitad del default observado entre las hipotecas iniciadas después de 1996 fue causado por la política de indexación de los saldos con la tasa de interés.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://economia.uniandes.edu.co/revistadys/Articulo67_3.pdf
Download Restriction: no

Article provided by UNIVERSIDAD DE LOS ANDES-CEDE in its journal REVISTA DESARROLLO Y SOCIEDAD.

Volume (Year): (2011)
Issue (Month): ()
Pages:

as
in new window

Handle: RePEc:col:000090:008921
Contact details of provider:

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

as in new window
  1. Yongheng Deng & John M. Quigley & Robert Van Order, 2000. "Mortgage Terminations, Heterogeneity and the Exercise of Mortgage Options," Econometrica, Econometric Society, vol. 68(2), pages 275-308, March.
  2. Mauricio Cardenas & Alejandro Badel, 2003. "La crisis de financiamiento hipotecario en Colombia: Causas y consecuencias," Research Department Publications 4355, Inter-American Development Bank, Research Department.
  3. Marc Hofstetter & Jorge Tovar & Miguel Urrutia, 2011. "Effects of a Mortgage Interest Rate Subsidy: Evidence from Colombia," DOCUMENTOS CEDE 008749, UNIVERSIDAD DE LOS ANDES-CEDE.
  4. Salvador Navarro & Juan Esteban Carranza, 2011. "Identification of dynamic models with aggregate shocks with an application to mortgage default in Colombia," 2011 Meeting Papers 121, Society for Economic Dynamics.
  5. Berry, Steven & Levinsohn, James & Pakes, Ariel, 1995. "Automobile Prices in Market Equilibrium," Econometrica, Econometric Society, vol. 63(4), pages 841-90, July.
Full references (including those not matched with items on IDEAS)

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:col:000090:008921. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Universidad De Los Andes-Cede)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.