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Un Modelo Teórico sobre Crédito, Represión Financiera y Flujos de Capital

Author

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  • Leonardo Villar Gómez

    ()

  • David M. Salamanca Rojas

    ()

Abstract

En este trabajo se desarrolla un modelo teórico con fundamentos microeconómicos sobre el funcionamiento del mercado de crédito en una economía abierta. El modelo permite identificar los canales a través de los cuales el sistema financiero doméstico puede propagar y amplificar los ciclos inducidos por fluctuaciones en las tasas de interés internacionales y es consistente con la observación empírica de una correlación positiva entre el crédito en pesos al sector privado y los flujos de capitales que se puede apreciar en el caso colombiano. Con base en el modelo se muestra que la utilización activa de los coeficientes de encaje bancario con propósitos contracíclicos, tal como fue sugerida por Edwards y Vegh (1997), puede ser contraproducente.

Suggested Citation

  • Leonardo Villar Gómez & David M. Salamanca Rojas, 2005. "Un Modelo Teórico sobre Crédito, Represión Financiera y Flujos de Capital," Borradores de Economia 323, Banco de la Republica de Colombia.
  • Handle: RePEc:bdr:borrec:323
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    References listed on IDEAS

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    1. Leonardo Villar & Hernán Rincón, 2001. "Flujos De Capital Y Régimenes Cambiarios En La Década De Los 90," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE, vol. 19(39), pages 5-71, June.
    2. Villar Gómez Leonardo & David M. Salamanca Rojas & Andrés Murcia Pabón, 2005. "Crédito, represión financiera y flujos de capitales en Colombia: 1974-2003," REVISTA DESARROLLO Y SOCIEDAD, UNIVERSIDAD DE LOS ANDES-CEDE, May.
    3. Edwards, Sebastian & Vegh, Carlos A., 1997. "Banks and macroeconomic disturbances under predetermined exchange rates," Journal of Monetary Economics, Elsevier, vol. 40(2), pages 239-278, October.
    4. Molina, Danielken & Roa, Monica, 2014. "The Effect of Credit on the Export Performance of Colombian Exporters," MPRA Paper 56137, University Library of Munich, Germany.
    5. Guillermo A. Calvo & Carmen M. Reinhart, 2002. "Fear of Floating," The Quarterly Journal of Economics, Oxford University Press, vol. 117(2), pages 379-408.
    6. Chinn, Menzie-D & Dooley, Michael-P, 1997. "Financial Repression and Capital Mobility: Why Capital Flows and Covered Interest Rate Differentials Fail to Measure Capital Market Integration," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 15(2), pages 81-103, December.
    7. Guillermo A. Calvo & Alejandro Izquierdo & Luis-Fernando Mejía, 2004. "On the empirics of Sudden Stops: the relevance of balance-sheet effects," Proceedings, Federal Reserve Bank of San Francisco, issue Jun.
    8. Ffrench-Davis, Ricardo & Villar Gómez, Leonardo, 2005. "Estabilidad macroeconómica real y la cuenta de capitales en Chile y Colombia," Copublicaciones, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 1858, December.
    9. Brunner, Karl & Meltzer, Allan H., 1990. "Money supply," Handbook of Monetary Economics,in: B. M. Friedman & F. H. Hahn (ed.), Handbook of Monetary Economics, edition 1, volume 1, chapter 9, pages 357-398 Elsevier.
    10. 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.
    11. Caballero, Ricardo J. & Krishnamurthy, Arvind, 2004. "Smoothing sudden stops," Journal of Economic Theory, Elsevier, vol. 119(1), pages 104-127, November.
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    Cited by:

    1. Villar Gómez Leonardo & David M. Salamanca Rojas & Andrés Murcia Pabón, 2005. "Crédito, represión financiera y flujos de capitales en Colombia: 1974-2003," REVISTA DESARROLLO Y SOCIEDAD, UNIVERSIDAD DE LOS ANDES-CEDE, May.
    2. Esteban Gómez & Andrés Murcia Pabón & Nancy Zamudio Gómez, "undated". "Foreign Debt Flows and Domestic Credit: A Principal-Agent Approach," Temas de Estabilidad Financiera 075, Banco de la Republica de Colombia.
    3. Christian Bustamante, 2011. "Política monetaria contracíclica y encaje bancario," Borradores de Economia 646, Banco de la Republica de Colombia.
    4. Laura Capera & Andrés Murcia Pabón & Dairo Estrada, "undated". "Efectos de los Límites a las Tasas de Interés sobre la Profundización Financiera," Temas de Estabilidad Financiera 057, Banco de la Republica de Colombia.
    5. Villar Leonardo, 2010. "Latin America: Comments on Financial Regulation and International Capital Flows in Latin America," Journal of Globalization and Development, De Gruyter, vol. 1(1), pages 1-12, January.

    More about this item

    JEL classification:

    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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