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La Vivienda en Colombia: Sus Determinantes Socio-Económicos y Financieros

Author

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  • Sergio Clavijo
  • Michel Janna
  • Santiago Muñoz

Abstract

El objetivo de este trabajo es proporcionar una visión de conjunto del mercado hipotecario en Colombia y su relación con los principales determinantes que se encuentran a nivel internacional. Nuestras recomendaciones apuntan a examinar la cadena productiva y obtener un mejor entendimiento de las estadísticas "vitales" del sector vivienda y su relación con las condiciones crediticias. También presentamos un modelo simultáneo tendiente a explicar los ciclos de precios hipotecarios en Colombia durante el período 1990-2003. Por el lado de la demanda, encontramos que el metraje construido es bastante elástico al ingreso laboral de los hogares y al precio de la vivienda nueva, así como a la tasa de interés real. Por el lado de la oferta, se observó una elasticidad alta a los costos de construcción y un efecto riqueza moderado. Estos resultados son robustos a diferentes tipos de estimación.

Suggested Citation

  • Sergio Clavijo & Michel Janna & Santiago Muñoz, 2004. "La Vivienda en Colombia: Sus Determinantes Socio-Económicos y Financieros," Borradores de Economia 300, Banco de la Republica de Colombia.
    • Handle: RePEc:bdr:borrec:300
    DOI: 10.32468/be.300
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    References listed on IDEAS

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    1. Karl E. Case, 2000. "Real Estate and Macroeconomy," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 31(2), pages 119-162.
    2. Arcelus, Francisco & Meltzer, Allan H, 1973. "The Markets for Housing and Housing Services," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 5(1), pages 78-99, Part I Fe.
    3. Mauricio Cárdenas & Alejandro Badel F., 2003. "La crisis de financiamiento hipotecario en Colombia: causas y consecuencias," Coyuntura Económica, Fedesarrollo.
    4. Caplin, Andrew & Freeman, Charles & Tracy, Joseph, 1997. "Collateral Damage: Refinancing Constraints and Regional Recessions," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 29(4), pages 496-516, November.
    5. Peter J. Brady & Glenn B. Canner & Dean M. Maki, 2000. "The effects of recent mortgage refinancing," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), vol. 7(Jul), pages 441-450.
    6. Mauricio Cardenas & Alejandro Badel, 2003. "La crisis de financiamiento hipotecario en Colombia: Causas y consecuencias," Research Department Publications 4355, Inter-American Development Bank, Research Department.
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    Cited by:

    1. Jhon Jairo García Rendón & Carlos Esteban Posada & Hermilson Velasquez, 2019. "Determinantes de los precios relativos de la vivienda: Bogotá versus Medellín," Documentos de Trabajo de Valor Público 17333, Universidad EAFIT.
    2. Olaya, Yris & Vásquez, Felipe & Müller, Daniel B., 2017. "Dwelling stock dynamics for addressing housing deficit," Resources, Conservation & Recycling, Elsevier, vol. 123(C), pages 187-199.
    3. John García Rendón & Carlos Esteban Posada Posada, 2022. "Determinantes de los precios relativos de la vivienda: Bogotá versus Medellín," Coyuntura Económica, Fedesarrollo, vol. 52, pages 93-105.

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    Keywords

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    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand

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