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Inversión Y Restricciones Crediticias En Colombia En La Década De Los Noventa

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    Este trabajo analiza el efecto a nivel de las firmas del ciclo crediticio que se observó en Colombia a lo largo de la década de los noventa. Con base en el enfoque estándar de la ecuación de Euler para la inversión y un amplio panel de datos para firmas de varias ramas de la actividad económica, en el período de 1991 a 2001, se explora la naturaleza de las restricciones financieras que tuvieron que enfrentar las empresas colombianas para poder financiar su gasto de inversión. Los resultados señalan que las firmas colombianas sí enfrentan imperfecciones en el acceso a recursos externos, que son particularmente más acuciantes para las empresas con un mayor grado de apalancamiento y menor tamaño. Así mismo, se muestra evidencia de que la contracción crediticia de finales de los noventa generó nuevas fricciones para la totalidad de las firmas en estudio. De hecho, al caracterizar dichas restricciones, se concluyó que la dificultad de las firmas restringidas para acceder a nuevos créditos, luego de 1998, se explica más por limitada disponibilidad de recursos (credit crunch), que por el costo de los mismos (tasa de interés).

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    Article provided by BANCO DE LA REPÚBLICA - ESPE in its journal ENSAYOS SOBRE POLÍTICA ECONÓMICA.

    Volume (Year): 22 (2004)
    Issue (Month): 47 (December)
    Pages: 8-55

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    Handle: RePEc:col:000107:002924
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    1. Andrés Carvajal & Hernando Zuleta, . "Desarrollo del Sistema Financiero y Crecimiento Económico," Borradores de Economia 067, Banco de la Republica de Colombia.
    2. Inessa Love, 2003. "Financial Development and Financing Constraints: International Evidence from the Structural Investment Model," Review of Financial Studies, Society for Financial Studies, vol. 16(3), pages 765-791, July.
    3. Haramillo, Fidel & Schiantarelli, Fabio & Weiss, Andrew, 1996. "Capital market imperfections before and after financial liberalization: An Euler equation approach to panel data for Ecuadorian firms," Journal of Development Economics, Elsevier, vol. 51(2), pages 367-386, December.
    4. Schiantarelli, Fabio, 1996. "Financial Constraints and Investment: Methodological Issues and International Evidence," Oxford Review of Economic Policy, Oxford University Press, vol. 12(2), pages 70-89, Summer.
    5. Mauricio Cárdenas & Mauricio Olivera, 1995. "La Crítica de Lucas y la inversión en Colombia: Nueva Evidencia," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE, vol. 14(27), pages 95-138, June.
    6. Manuel Arellano & Stephen Bond, 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations," Review of Economic Studies, Oxford University Press, vol. 58(2), pages 277-297.
    7. Adolfo Barajas & Enrique López & Hugo Oliveros, . "¿Por qué en Colombia el Crédito al Sector Privado es tan Reducido," Borradores de Economia 185, Banco de la Republica de Colombia.
    8. Myers, Stewart C, 1984. " The Capital Structure Puzzle," Journal of Finance, American Finance Association, vol. 39(3), pages 575-92, July.
    9. Mark Gertler, 1988. "Financial structure and aggregate economic activity: an overview," Proceedings, Federal Reserve Bank of Cleveland, pages 559-596.
    10. Stewart C. Myers, 1984. "Capital Structure Puzzle," NBER Working Papers 1393, National Bureau of Economic Research, Inc.
    11. Badel Alejandro, 2002. "Choques financieros, precios de activos y recesión en Colombia," REVISTA DESARROLLO Y SOCIEDAD, UNIVERSIDAD DE LOS ANDES-CEDE, March.
    12. King, Robert G. & Levine, Ross, 1993. "Finance, entrepreneurship and growth: Theory and evidence," Journal of Monetary Economics, Elsevier, vol. 32(3), pages 513-542, December.
    13. Calomiris, Charles W & Hubbard, R Glenn, 1990. "Firm Heterogeneity, Internal Finance, and 'Credit Rationing.'," Economic Journal, Royal Economic Society, vol. 100(399), pages 90-104, March.
    14. Myers, Stewart C., 1984. "Capital structure puzzle," Working papers 1548-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
    15. Myers, Stewart C., 1977. "Determinants of corporate borrowing," Journal of Financial Economics, Elsevier, vol. 5(2), pages 147-175, November.
    16. Ignacio Hernando & André Tiomo, 2002. "Financial constraints and investment in France and Spain: a comparison using firm level data," Working Papers 0214, Banco de España;Working Papers Homepage.
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