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Flujos de capital y fragilidad financiera en Colombia

Author

Listed:
  • José Eduardo Gómez-González
  • Luisa Silva
  • Sergio Restrepo
  • Mauricio Salazar

Abstract

En este trabajo se estudian las interrelaciones existentes entre flujos de capital y estabilidad financiera en Colombia, en el período comprendido entre los anos 1995 y 2011 con datos trimestrales. Se utilizan modelos VAR cointegrados en niveles, por medio de los cuales se encuentra que si bien no parece haber una relación directa significativa entre flujos de capital y estabilidad financiera, existe una relación indirecta entre estas dos variables, intermediada por la relación cartera/PIB.

Suggested Citation

  • José Eduardo Gómez-González & Luisa Silva & Sergio Restrepo & Mauricio Salazar, 2012. "Flujos de capital y fragilidad financiera en Colombia," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República, vol. 30(69), pages 68-109.
    • Handle: RePEc:col:000107:010872
    DOI: 10.32468/Espe.6902
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    References listed on IDEAS

    as
    1. Cardarelli, Roberto & Elekdag, Selim & Kose, M. Ayhan, 2010. "Capital inflows: Macroeconomic implications and policy responses," Economic Systems, Elsevier, vol. 34(4), pages 333-356, December.
    2. repec:aei:rpaper:25935 is not listed on IDEAS
    3. Bekaert, Geert & Harvey, Campbell R. & Lundblad, Christian, 2005. "Does financial liberalization spur growth?," Journal of Financial Economics, Elsevier, vol. 77(1), pages 3-55, July.
    4. Corsetti, Giancarlo & Pesenti, Paolo & Roubini, Nouriel, 1999. "What caused the Asian currency and financial crisis?," Japan and the World Economy, Elsevier, vol. 11(3), pages 305-373, October.
    5. Calvo, Guillermo A. & Mendoza, Enrique G., 2000. "Rational contagion and the globalization of securities markets," Journal of International Economics, Elsevier, vol. 51(1), pages 79-113, June.
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    Cited by:

    1. Felipe Clavijo Ramírez & Jorge Luis Hurtado Guarín & Oscar Fernando Jaulín Méndez & Javier Pirateque Niño, 2016. "El requerimiento de capital contracíclico en Colombia," Borradores de Economia 963, Banco de la Republica de Colombia.

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    More about this item

    Keywords

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    JEL classification:

    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • N16 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Latin America; Caribbean

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