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El canal del crédito bancario en Colombia: 1995-2005. Una aproximación mediante modelos de umbral

Author

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  • Maria Isabel Restrepo Estrada

    () (Facultad de Ciencias Económicas, Universidad de Antioquia)

  • Diana Constanza Restrepo Ochoa

    () (Facultad de Ciencias Económicas, Universidad de Antioquia)

Abstract

The Bank Credit Channel, which amplifies the effects of the traditional channel of monetary policy, emphasizes on the structure and frictions of financial markets as determinants of aggregate spending. This paper aims at analyze and verify the existence of the bank credit channel in Colombia estimating a model proposed by Gibson (1997) which uses threshold regressions as a way to determine the impact of monetary policy on aggregate demand. Results do not allow dismissing the existence of this transmission mechanism in Colombia during the analyzed period, although it seems to operate only through contractionary monetary policy.

Suggested Citation

  • Maria Isabel Restrepo Estrada & Diana Constanza Restrepo Ochoa, 2007. "El canal del crédito bancario en Colombia: 1995-2005. Una aproximación mediante modelos de umbral," Lecturas de Economía, Universidad de Antioquia, Departamento de Economía, issue 67, pages 99-118, Julio-Dic.
  • Handle: RePEc:lde:journl:y:2007:i:67:p:99-118
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    More about this item

    Keywords

    monetary policy; transmission mechanisms; bank lending channel; threshold regressions;

    JEL classification:

    • C12 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Hypothesis Testing: General
    • C52 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Evaluation, Validation, and Selection
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions

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