Crisis Financieras Y Efectividad De La Política De Prestamista De Última Instancia: Un Modelo De Equilibrio General Dinámico Para El Caso Colombiano
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.
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Volume (Year): 28 (2010)
Issue (Month): 61 (August)
Pages: 272-306
| Handle: | RePEc:col:000107:008325 |
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- Andrés Felipe Arias, 2000. "The Colombian Banking Crisis: Macroeconomic Consequences And What To Expect," BORRADORES DE ECONOMIA 003573, BANCO DE LA REPÚBLICA.
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