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Las entidades financieras a lo largo del ciclo de negocios: ¿está el ciclo financiero sincronizado con el ciclo de negocios?

Author

Listed:
  • Fernando Arias Rodríguez
  • Celina Gaitán Maldonado
  • Johanna López Velandia

Abstract

A partir de estados financieros de bancos y entidades asociadas se propone una cronología del ciclo financiero para Colombia, desde 1990 hasta mediados del ano 2013, y se evalúa su interacción con el ciclo de negocios propuesto por Alfonso, Arango, Arias, Cangrejo y Pulido (2012). Se usan 2 acercamientos: el primero basado en reglas (Bry y Boschan, 1971, e índices de difusión) y el segundo fundamentado en la información contenida en los datos (Novelty Detection). Se encuentra evidencia que apoya la idea de una sincronización entre el ciclo financiero y el de negocios, aunque las cronologías y demás características de cada uno dependen directamente de la definición y del enfoque del ciclo que se adopten. ****** Using the financial statements of Banks and related institutions, a proposal is made for a financial cycle chronology for Colombia from 1990 until the middle of 2013. Its interaction with the business cycle proposed by Alfonso, Arango, Arias, Cangrejo y Pulido (2012) is also examined. Two approaches are used here: One rule-based (Bry and Boschan, 1971, and Diffusion Indexes) and one based on information extracted from the data (Novelty Detection). Evidence is found to support the existence of synchronization between the financial and business cycle, although the chronologies and related features of each cycle rely on the definition and the approach adopted.

Suggested Citation

  • Fernando Arias Rodríguez & Celina Gaitán Maldonado & Johanna López Velandia, 2014. "Las entidades financieras a lo largo del ciclo de negocios: ¿está el ciclo financiero sincronizado con el ciclo de negocios?," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República - ESPE, vol. 32(75), pages 28-40, December.
  • Handle: RePEc:col:000107:012410
    DOI: 10.1016/j.espe.2014.09.001
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    Cited by:

    1. Jorge Mario Uribe & Inés María Ulloa & Johanna Perea, 2015. "Reference financial cycle in Colombia," Lecturas de Economía, Universidad de Antioquia, Departamento de Economía, issue 83, pages 33-62, Julio - D.
    2. Santander Quino, Camila Miriam, 2022. "Ciclos económicos y financieros: Una aproximación empírica para Bolivia," Documentos de trabajo 1/2022, Instituto de Investigaciones Socio-Económicas (IISEC), Universidad Católica Boliviana.
    3. Mercè Sala-Rios & Teresa Torres-Solé & Mariona Farré-Perdiguer, 2016. "Credit and business cycles’ relationship: evidence from Spain," Portuguese Economic Journal, Springer;Instituto Superior de Economia e Gestao, vol. 15(3), pages 149-171, December.

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    More about this item

    Keywords

    Ciclo de negocios; Ciclos financieros; Bry-Boschan; Novelty detection; Indicadores financieros;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • C38 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Classification Methdos; Cluster Analysis; Principal Components; Factor Analysis
    • C43 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Index Numbers and Aggregation

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