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El racionamiento del crédito y las crisis financieras

Author

Listed:
  • José Eduardo Gómez

    () (Banco de la República)

  • Nidia Ruth Reyes

    () (Universidad Externado de Colombia)

Abstract

The idea that credit is important has gained importance in the contemporary macroeconomic theory. However, almost all the models that explicitly include financial variables in their explanation of economic behaviour continue to differentiate between the monetary and the real economy in the long run. This paper proposes a relationship between credit restrictions and financial crisis based on postkeynesian theory. In this context, credit rationalization appears as a natural phenomenon in modern capitalist economies, and not as a result of the bankers’ voluntary action will or their imperfect information due to the confidentiality of investors’ knowledge. Financial crisis are endogenous, but they can be prevented by the correct behaviour of the economic institutions.

Suggested Citation

  • José Eduardo Gómez & Nidia Ruth Reyes, 2002. "El racionamiento del crédito y las crisis financieras," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 4(7), pages 62-75, July-Dece.
  • Handle: RePEc:rei:ecoins:v:4:y:2002:i:7:p:62-75
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    File URL: http://www.uexternado.edu.co/facecono/ecoinstitucional/workingpapers/jgomez7.pdf
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    References listed on IDEAS

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    1. Steven M. Fazzari & Bruce C. Petersen, 1993. "Working Capital and Fixed Investment: New Evidence on Financing Constraints," RAND Journal of Economics, The RAND Corporation, vol. 24(3), pages 328-342, Autumn.
    2. Calomiris, Charles W & Hubbard, R Glenn, 1990. "Firm Heterogeneity, Internal Finance, and 'Credit Rationing.'," Economic Journal, Royal Economic Society, vol. 100(399), pages 90-104, March.
    3. Nidia R. Reyes & José Eduardo Gómez, 2000. "Política monetaria, inflación y crecimiento económico," REVISTA CUADERNOS DE ECONOMÍA, UN - RCE - CID, June.
    4. Lucas, Robert E., 1988. "Money demand in the United States: A quantitative review," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 29(1), pages 137-167, January.
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    9. Davidson, Paul, 1988. "A Technical Definition of Uncertainty and the Long-run Non-neutrality of Money," Cambridge Journal of Economics, Oxford University Press, vol. 12(3), pages 329-337, September.
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    More about this item

    Keywords

    credit; financial crisis; postkeynesian theory; economic institutions; financial variables;

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation

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