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Crisis financieras y efectividad de la política de prestamista de última instancia: un modelo de equilibrio general dinámico para el caso colombiano

Author

Listed:
  • Alejandro Torres
  • Remberto Rhenals G
  • Wilman G�mez M

Abstract

La actual crisis financiera internacional iniciadaen 2008 en Estados Unidos ha puesto de nuevo enel debate académico y político la importancia delsistema financiero en la economía, las posibilidadesde política económica disponibles para apoyarlo ysus implicaciones en el corto y largo plazo. En esteartículo se estudian los posibles impactos que tienela política de prestamista de última instancia de losbancos centrales para superar las crisis financieras ysus implicaciones en términos de crecimiento. Paraello, se construye y calibra un modelo de equilibriogeneral dinámico donde se incluyen explícitamenteel sistema financiero y la política de apoyos de liquidezde la banca central. Los resultados de las simulacionesmuestran que este tipo de política permitesuperar de manera más rápida las crisis financieras yeconómicas, pero que retrasa el ajuste de la economíaen el largo plazo y aumenta su volatilidad.

Suggested Citation

  • Alejandro Torres & Remberto Rhenals G & Wilman G�mez M, 2010. "Crisis financieras y efectividad de la política de prestamista de última instancia: un modelo de equilibrio general dinámico para el caso colombiano," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República, vol. 28(61), pages 272-306.
    • Handle: RePEc:col:000107:008325
    DOI: 10.32468/Espe.6107
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    References listed on IDEAS

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    1. Roberto Chang & Andrés Velasco, 2000. "Liquidity Crises in Emerging Markets: Theory and Policy," NBER Chapters,in: NBER Macroeconomics Annual 1999, Volume 14, pages 11-78 National Bureau of Economic Research, Inc.
    2. Andr�s Felipe Arias, 2000. "The Colombian Banking Crisis: Macroeconomic Consequences And What To Expect," Borradores de Economia 3573, Banco de la Republica.
    3. Roberto Chang & Andres Velasco, 1998. "Financial crises in emerging markets: a canonical model," FRB Atlanta Working Paper 98-10, Federal Reserve Bank of Atlanta.
    4. Andrés Felipe Arias, 2000. "The Colombian Banking and Crisis: Macroeconomic Consequences and What to Expect," Borradores de Economia 157, Banco de la Republica de Colombia.
    5. Urriza González, Bernardo & Amieva-Huerta, Juan, 2000. "Crisis bancarias: causas, costos, duración, efectos y opciones de política," Series Históricas 7512, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    6. Michael D. Bordo, 1989. "The lender of last resort: some historical insights," Proceedings 234, Federal Reserve Bank of Chicago.
    7. Roberto Chang & Andres Velasco, 1998. "Financial Crises in Emerging Markets," NBER Working Papers 6606, National Bureau of Economic Research, Inc.
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    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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