IDEAS home Printed from https://ideas.repec.org/p/bdr/borrec/185.html
   My bibliography  Save this paper

¿Por qué en Colombia el Crédito al Sector Privado es tan Reducido

Author

Listed:
  • Adolfo Barajas
  • Enrique López
  • Hugo Oliveros

Abstract

En Colombia desde finales de la década de los años noventa se observa un estancamiento de crédito real simultáneamente con el mal desempeño de la actividad productiva. Ese comportamiento del crédito generó la preocupación de los representantes del sector privado1 y de las autoridades económicas. El Banco Central en su informe al Congreso de julio de 2000 (p.45) se preguntaba sí la reducción del crédito que se observaba en la economía colombiana estaba ocasionada en un apretón de oferta o en un problema de demanda. Los investigadores económicos colombianos no han estado ajenos a esta discusión y han estudiado el fenómeno desde varios puntos de vista2. Coincidiendo todos los trabajos en la existencia de una reducción del crédito y en la búsqueda de su origen. Este trabajo examina también las causas que llevaron al estancamiento. La diferencia de este trabajo con los trabajos reseñados se encuentra en el enfoque macroeconómico que se tiene en el documento y en la utilización de un modelo econométrico que permite examinar la problemática del crédito en Colombia bajo un esquema lo suficientemente general que permita la posibilidad de desequilibrios en el mercado de crédito. Si esta característica se presenta, los mercados se ajustan por medio de las cantidades y no por un mecanismo de precio, en este caso la tasa de interés3.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Adolfo Barajas & Enrique López & Hugo Oliveros, 2001. "¿Por qué en Colombia el Crédito al Sector Privado es tan Reducido," Borradores de Economia 185, Banco de la Republica de Colombia.
  • Handle: RePEc:bdr:borrec:185
    DOI: 10.32468/be.185
    as

    Download full text from publisher

    File URL: https://doi.org/10.32468/be.185
    Download Restriction: no

    File URL: https://libkey.io/10.32468/be.185?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Sealey, C W, Jr, 1979. "Credit Rationing in the Commercial Loan Market: Estimates of a Structural Model under Conditions of Disequilibrium," Journal of Finance, American Finance Association, vol. 34(3), pages 689-702, June.
    2. Bernanke, Ben S. & Gertler, Mark & Gilchrist, Simon, 1999. "The financial accelerator in a quantitative business cycle framework," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 21, pages 1341-1393, Elsevier.
    3. S. Mishkin, Frederic, 1999. "Financial consolidation: Dangers and opportunities," Journal of Banking & Finance, Elsevier, vol. 23(2-4), pages 675-691, February.
    4. Maddala, G S & Nelson, Forrest D, 1974. "Maximum Likelihood Methods for Models of Markets in Disequilibrium," Econometrica, Econometric Society, vol. 42(6), pages 1013-1030, November.
    5. Mr. Atish R. Ghosh & Swart R. Ghosh, 1999. "East Asia in the Aftermath: Was there a Crunch?," IMF Working Papers 1999/038, International Monetary Fund.
    6. Ross Levine, 1997. "Financial Development and Economic Growth: Views and Agenda," Journal of Economic Literature, American Economic Association, vol. 35(2), pages 688-726, June.
    7. Frederic S. Mishkin, 1995. "Symposium on the Monetary Transmission Mechanism," Journal of Economic Perspectives, American Economic Association, vol. 9(4), pages 3-10, Fall.
    8. Martin, Christopher, 1990. "Corporate Borrowing and Credit Constraints: Structural Disequilibrium Estimates for the U.K," The Review of Economics and Statistics, MIT Press, vol. 72(1), pages 78-86, February.
    9. J. Caprio & P. Honohan, 2000. "Restoring Banking Stability: Beyond Supervised Capital Requirements," South African Journal of Economics, Economic Society of South Africa, vol. 68(1), pages 5-22, March.
    10. Ben S. Bernanke & Mark Gertler, 1995. "Inside the Black Box: The Credit Channel of Monetary Policy Transmission," Journal of Economic Perspectives, American Economic Association, vol. 9(4), pages 27-48, Fall.
    11. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
    12. Luis Eduardo Arango & Mauricio castillo, 1999. "¿ Son Estilizadas las Regularidades del Ciclo Económico? Una Breve Revisión de la literatura," Borradores de Economia 115, Banco de la Republica de Colombia.
    13. Xavier Freixas & Jean-Charles Rochet, 1997. "Microeconomics of Banking," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262061937, April.
    14. Kim, Hyun E., 1999. "Was the credit channel a key monetary transmission mechanism following the recent financial crisis in the Republic of Korea?," Policy Research Working Paper Series 2103, The World Bank.
    15. Ceyla PazarbaÅŸioÄŸlu, 1997. "A Credit Crunch? Finland in the Aftermath of the Banking Crisis," IMF Staff Papers, Palgrave Macmillan, vol. 44(3), pages 315-327, September.
    16. Barajas, Adolfo & Steiner, Roberto & Salazar, Natalia, 2000. "The impact of liberalization and foreign investment in Colombia's financial sector," Journal of Development Economics, Elsevier, vol. 63(1), pages 157-196, October.
    17. Bernanke, Ben S & Blinder, Alan S, 1988. "Credit, Money, and Aggregate Demand," American Economic Review, American Economic Association, vol. 78(2), pages 435-439, May.
    18. Laffont, Jean-Jacques & Garcia, Rene, 1977. "Disequilibrium Econometrics for Business Loans," Econometrica, Econometric Society, vol. 45(5), pages 1187-1204, July.
    19. Ms. Enrica Detragiache & Asli Demirgüç-Kunt, 1998. "Financial Liberalization and Financial Fragility," IMF Working Papers 1998/083, International Monetary Fund.
    20. Gourieroux,Christian, 2000. "Econometrics of Qualitative Dependent Variables," Cambridge Books, Cambridge University Press, number 9780521589857.
    21. King, Stephen R, 1986. "Monetary Transmission: Through Bank Loans or Bank Liabilities?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 18(3), pages 290-303, August.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Luz Adriana Flórez & Carlos Esteban Posda & José Fernando Escobar, 2004. "El crédito y sus factores determinantes: el caso colombiano (1990 -2004)," Borradores de Economia 311, Banco de la Republica de Colombia.
    2. Luz Adriana Flórez & Carlos Esteban Posada & José Fernando Escobar, 2005. "Crédito y depósitos bancarios en Colombia (1990-2004): una relación de largo plazo," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 23(48), pages 12-63, Junio.
    3. Catalina Delgado González, 2004. "Inversión y restricciones crediticias en Colombia en la década de los noventa," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 22(47), pages 8-55, December.
    4. Pastor Enrique Quintero Carvajal & Jorge Edgar Silva Veloza, 2005. "Tolima: deuda pública municipal con el sector financiero 1994-2003," Ensayos Sobre Economía Regional (ESER) 3647, Banco de la República - Economía Regional.
    5. Ramirez, Francisco A., 2012. "Crédito Al Sector Privado En República Dominicana (1997-2011): ¿Existe Evidencia De Racionamiento Del Crédito? [Private Sector Loans in the Dominican Republic (1997-2011):Is There Evidence of credi," MPRA Paper 68333, University Library of Munich, Germany.
    6. Herrera, Santiago & Hurlin, Christophe & Zaki, Chahir, 2013. "Why don't banks lend to Egypt's private sector?," Economic Modelling, Elsevier, vol. 33(C), pages 347-356.
    7. Fernando Tenjo & Enrique López, 2003. "Credit bubble and stagnation in Colombia, 1990-2001," Colombian Economic Journal, Universidad Nacional de Colombia, FCE, CID, April.
      • Fernando Tenjo & Enrique Lopez, 2003. "Credit bubble and stagnation in Colombia, 1990-2001," Colombian Economic Journal, Academia Colombiana de Ciencias Economicas, Colegio Mayor de Nuestra Senora del Rosario, Pontificia Universidad Javeriana, Universidad de Antioquia, Universidad de los Andes, Universidad del Valle, Universidad Externado de Colombia, Universidad Nacional de Colombia, vol. 1(1), pages 151-191, December.
    8. Alberto Jaramillo & Hermilson Velásquez & Javier Santiago Ortiz & Natalia Serna, 2003. "Aspectos teóricos y empíricos de la relación empresas bancos," Documentos de Trabajo de Valor Público 3922, Universidad EAFIT.
    9. Pastor Enrique Quintero CarvajalAuthor-Email:pquintca@banrep.gov.co Author-Workplace-Name:Banco de la República de Colombia & Jorge Edgar Silva Veloza, 2005. "Tolima: deuda pública municipal con el sector financiero 1994-2003," Ensayos sobre Economía Regional (ESER) 21, Banco de la Republica de Colombia.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Jameel Ahmed, 2016. "Credit Conditions in Pakistan: Supply Constraints or Demand Deficiencies?," The Developing Economies, Institute of Developing Economies, vol. 54(2), pages 139-161, June.
    2. El-Shazly Alaa, 2005. "Imperfect Information and Credit Rationing Equilibrium: Evidence from Egypt," Review of Middle East Economics and Finance, De Gruyter, vol. 3(2), pages 59-72, August.
    3. Hurlin, Christophe & Kierzenkowski, Rafal, 2007. "Credit market disequilibrium in Poland: Can we find what we expect?: Non-stationarity and the short-side rule," Economic Systems, Elsevier, vol. 31(2), pages 157-183, June.
    4. Galindo, Arturo & Schiantarelli, Fabio, 2002. "Credit Constraints in Latin America: An Overview of the Micro Evidence," IDB Publications (Working Papers) 1438, Inter-American Development Bank.
    5. repec:zbw:rwidps:0006 is not listed on IDEAS
    6. Stijn Claessens & M Ayhan Kose, 2018. "Frontiers of macrofinancial linkages," BIS Papers, Bank for International Settlements, number 95.
    7. Torsten Schmidt & Hiltrud Nehls, 2003. "Credit Crunch in Germany?," RWI Discussion Papers 0006, Rheinisch-Westfälisches Institut für Wirtschaftsforschung.
    8. Hassan, Faiza & Qayyum, Abdul, 2013. "Modelling the Demand for Bank Loans by Private Business Sector in Pakistan," MPRA Paper 55366, University Library of Munich, Germany, revised Apr 2014.
    9. Nehls, Hiltrud & Schmidt, Torsten, 2003. "Credit Crunch in Germany?," RWI Discussion Papers 6, RWI - Leibniz-Institut für Wirtschaftsforschung.
    10. Holtemöller, Oliver, 2002. "Further VAR evidence for the effectiveness of a credit channel in Germany," SFB 373 Discussion Papers 2002,66, Humboldt University of Berlin, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes.
    11. Poghosyan, Tigran, 2011. "Slowdown of credit flows in Jordan in the wake of the global financial crisis: Supply or demand driven?," Economic Systems, Elsevier, vol. 35(4), pages 562-573.
    12. Adrian Blundell-Wignall & Marianne Gizycki, 1992. "Credit Supply and Demand and the Australian Economy," RBA Research Discussion Papers rdp9208, Reserve Bank of Australia.
    13. Bofinger, Peter & Maas, Daniel & Ries, Mathias, 2017. "A model of the market for bank credit: The case of Germany," W.E.P. - Würzburg Economic Papers 98, University of Würzburg, Department of Economics.
    14. Stefan Kooths & Matthias Rieger, 2008. "Caught in the US Subprime Meltdown 2007/2008: Germany Loses Its Wallet but Escapes Major Harm," Discussion Papers of DIW Berlin 825, DIW Berlin, German Institute for Economic Research.
    15. Ramirez, Francisco A., 2012. "Crédito Al Sector Privado En República Dominicana (1997-2011): ¿Existe Evidencia De Racionamiento Del Crédito? [Private Sector Loans in the Dominican Republic (1997-2011):Is There Evidence of credi," MPRA Paper 68333, University Library of Munich, Germany.
    16. Christophe Hurlin & Rafal Kierzenkowski, 2003. "Credit Market Disequilibrium in Poland: Can We Find What We Expect? Non-Stationarity and the ???Min???Condition," William Davidson Institute Working Papers Series 2003-581, William Davidson Institute at the University of Michigan.
    17. Arturo Galindo & Fabio Schiantarelli, 2002. "Limitaciones crediticias en América Latina: panorámica general de los elementos de juicio al nivel micro," Research Department Publications 4306, Inter-American Development Bank, Research Department.
    18. Jiménez Polanco, Miguel Alejandro & Ramírez de Leon, Francisco Alberto, 2018. "Análisis del canal del crédito en presencia de racionamiento: Evidencia para Centroamérica y la República Dominicana [Credit Channel Analysis in Presence of Credit Crunches: Evidence for Central Am," MPRA Paper 87712, University Library of Munich, Germany.
    19. Herrera, Santiago & Hurlin, Christophe & Zaki, Chahir, 2013. "Why don't banks lend to Egypt's private sector?," Economic Modelling, Elsevier, vol. 33(C), pages 347-356.
    20. Christophe Hurlin & Rafal Kierzenkowski, 2002. "A Theoretical and Empirical Assessment of the Bank Lending Channel and Loan Market Disequilibrium in Poland," NBP Working Papers 22, Narodowy Bank Polski.
    21. Petr Korab & Jitka Pomenkova, 2017. "Credit Rationing in Greece During and After the Financial Crisis," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 67(2), pages 119-139, April.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bdr:borrec:185. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Clorith Angélica Bahos Olivera (email available below). General contact details of provider: https://edirc.repec.org/data/brcgvco.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.