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Un "Choque" del Activo Externo Neto y el Ciclo Económico Colombiano

  • Wilman Gómez
  • Carlos Esteban Posada

    ()

El período 1994-2001 correspondió al de un ciclo de la economía colombiana, especialmente intenso sobretodo en lo que se refiere a la magnitud de la depresión ocurrida entre 1998 y 2001. En el presente documento se describe la construcción y el uso de un modelo de equilibrio general dinámico para evaluar los efectos de un impacto que, presumiblemente, dio origen al auge y a la posterior depresión de la economía: Un aumento transitorio, súbito e imprevisto del activo externo neto (gracias, supuestamente, a una caida de la tasa externa de interés). Tal "choque desató, según los resultados de las simulaciones descritas en este documento, primero, un auge, y después, una desaceleración. Con todo, la desaceleración predicha por el choque mencionado, así que en 1998 debió ocurrir un choque adicional, esta vez de magnitud negativa, capaz de transformar aquella en una depresión.

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Paper provided by Banco de la Republica de Colombia in its series Borradores de Economia with number 285.

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  1. Franz Hamann, . "Sovereign Risk and Macroeconomic Fluctuations," Borradores de Economia 225, Banco de la Republica de Colombia.
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  10. Stephen Turnovsky, 1999. "Knife-Edge Conditions and the Macroeconomics of Small Open Economies," Discussion Papers in Economics at the University of Washington 0031, Department of Economics at the University of Washington.
  11. Correia, Isabel & Neves, Joao C. & Rebelo, Sergio, 1995. "Business cycles in a small open economy," European Economic Review, Elsevier, vol. 39(6), pages 1089-1113, June.
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  13. Alejandro BADEL FLÓREZ, 2001. "Choques financieros, precios de activos y recesión en Colombia," ARCHIVOS DE ECONOMÍA 002121, DEPARTAMENTO NACIONAL DE PLANEACIÓN.
  14. Enrique G. Mendoza, 2001. "Credit, Prices, and Crashes: Business Cycles with a Sudden Stop," NBER Working Papers 8338, National Bureau of Economic Research, Inc.
  15. Cristina Fernández & Andrés González, . "Integración y Vulneralidad Externa en Colombia," Borradores de Economia 156, Banco de la Republica de Colombia.
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  17. Ricardo Caballero & Arvind Krishnamurthy, 2001. "Smoothing Sudden Stops," NBER Working Papers 8427, National Bureau of Economic Research, Inc.
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  23. repec:cup:macdyn:v:6:y:2002:i:2:p:307-35 is not listed on IDEAS
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