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Acelerador Financiero y Ciclos Económicos en Colombia: Un Ejercicio Exploratorio

Author

Listed:
  • Fernando Tenjo Galarza
  • Luisa F. Charry
  • Martha López P.
  • Juan M.Ramírez C.

Abstract

A partir del debate sobre la respuesta de política a fluctuaciones en los precios de los activos, en el presente documento se estudia la importancia de estos precios en el contexto de una economía emergente como la colombiana, caracterizada por un grado variable de represión financiera y vulnerabilidad a choques externos, en particular de flujos de capital y términos de intercambio. El trabajo encuentra evidencia sobre el funcionamiento del acelerador financiero y su relación con dichos choques en el período 1970 - 2006. A partir de allí se identifican tres ciclos de precios de los activos que coinciden con ciclos del PIB. Los resultados subrayan la incidencia de choques externos y del diseño macroeconómico de la política monetaria en la dinámica del acelerador financiero. Esto corrobora la importancia de variables como los precios de los activos y el crédito para el diseño de una política monetaria contra-cíclica.

Suggested Citation

  • Fernando Tenjo Galarza & Luisa F. Charry & Martha López P. & Juan M.Ramírez C., 2007. "Acelerador Financiero y Ciclos Económicos en Colombia: Un Ejercicio Exploratorio," Borradores de Economia 451, Banco de la Republica de Colombia.
    • Handle: RePEc:bdr:borrec:451
    DOI: 10.32468/be.451
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    Cited by:

    1. Esteban Gómez & Sandra Rozo, 2008. "Beyond Bubbles: The Role of Asset Prices in Early-Warning Indicators," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República, vol. 26(56), pages 114-148, June.
    2. Fernando Tenjo & Martha López, 2010. "Early Warning Indicators for Latin America," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República, vol. 28(63), pages 232-259, December.
    3. Esteban Gómez & Sandra Rozo, 2008. "Beyond Bubbles: The Role of Asset Prices in Early-Warning Indicators," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República, vol. 26(56), pages 114-148, June.
    4. Gloria Cecilia Martínez, 2008. "Anatomía de los ciclos económicos en Colombia 1970-2007," Borradores de Economia 4569, Banco de la Republica.
    5. Aquiles Arrieta Barcasnegras, 2012. "La relación entre los flujos de capital y el precio de la vivienda: el caso colombiano," Revista de Economía del Caribe 10854, Universidad del Norte.
    6. Hernando Vargas & Carlos Varela, 2008. "Capital flows and financial assets in Colombia: recent behaviour, consequences and challenges for the central bank," BIS Papers chapters, in: Bank for International Settlements (ed.), Financial globalisation and emerging market capital flows, volume 44, pages 153-184, Bank for International Settlements.
    7. Lavan Mahadeva & Javier Gómez Pineda, 2009. "The international cycle and Colombian monetary policy," Borradores de Economia 5406, Banco de la Republica.
    8. Arteaga Cabrales, Carolina & Huertas-Campos, Carlos Alfonso & Olarte Armenta, Sergio, 2013. "Índice de desbalance macroeconómico," Chapters, in: Rincón-Castro, Hernán & Velasco, Andrés M. (ed.), Flujos de capitales, choques externos y respuestas de política en países emergentes, chapter 8, pages 301-336, Banco de la Republica de Colombia.

    More about this item

    Keywords

    Acelerador financiero; ciclo económico; burbujas de precios de activos.;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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