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El sistema crediticio, la política monetaria y un posible origen de ciclos y crisis financieras

Author

Listed:
  • Mauricio Arango
  • Carlos Esteban Posada
  • Jorge Andrés Tamayo

Abstract

El mercado crediticio desempenó un papel trascendental en los orígenes de la crisis financiera y la recesión recientes de Estados Unidos. Este documento reporta la construcción y los resultados de un modelo macroeconómico que incluye un mercado de crédito hipotecario a fin de replicar algunos hechos importantes asociados a tales episodios. El objetivo de su construcción fue obtener una herramienta para el análisis de ciertos mecanismos y consecuencias de decisiones usuales tomadas por los bancos y la autoridad monetaria. El modelo destaca y permite evaluar el papel y efectos de los primeros por su control en la asignación de crédito y de la segunda por su control sobre la tasa de interés.

Suggested Citation

  • Mauricio Arango & Carlos Esteban Posada & Jorge Andrés Tamayo, 2011. "El sistema crediticio, la política monetaria y un posible origen de ciclos y crisis financieras," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República - ESPE, vol. 29(64), pages 32-61, July.
  • Handle: RePEc:col:000107:009442
    DOI: 10.32468/Espe.6402
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    References listed on IDEAS

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    Cited by:

    1. Mauricio Arango, 2014. "Collateralized assets prices and monetary policy," Documentos de Discusión FLAR 011853, Fondo Latino Americano de Reservas - FLAR.

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    More about this item

    Keywords

    ciclos; burbujas; crédito; colateral; política monetaria.;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • 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
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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