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Credit bubble and stagnation in Colombia, 1990-2001

  • Fernando Tenjo

    ()

  • Enrique López

    ()

This paper explores the dynamics of the credit-crunch affecting Colombia during the second half of the 1990s. Its main objectives are to present statistical evidence regarding the phenomenon in question, to ascertain rhythms deriving from it ans some working hypotheses shedding some light on determinants of Colombian credit behaviour.The study distinguishes between exogenous and endogenous factors explaining this behavior. External capital flows play a key role in the former as their size and direction highly influence internal credit conditions and economic activity. However, changes in this flows are chanelled through a domestic financial system that amplifies their negative effect on the economy, thus playing a procedural-cyclical role.

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File URL: http://www.fce.unal.edu.co/cej/number1/6-Tenjo.pdf
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Article provided by UN - RCE - CID in its journal COLOMBIAN ECONOMIC JOURNAL.

Volume (Year): (2003)
Issue (Month): ()
Pages:

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Handle: RePEc:col:000096:002234
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  17. Alan S. Blinder, 1985. "Credit Rationing and Effective Supply Failures," NBER Working Papers 1619, National Bureau of Economic Research, Inc.
  18. Demirguc-Kunt, Asli & Maksimovic, Vojislav, 2001. "Firms as financial intermediaries - evidence from trade credit data," Policy Research Working Paper Series 2696, The World Bank.
  19. Rudi Dornbusch, 2002. "A Primer on Emerging-Market Crises," NBER Chapters, in: Preventing Currency Crises in Emerging Markets, pages 743-754 National Bureau of Economic Research, Inc.
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