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Profundización Financiera y su efecto en las Firmas en Colombia

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  • Carlos Quicazán

Abstract

El objetivo de este documento es calcular el efecto de la deuda con establecimientos de crédito y del indicador de profundización financiera (Cartera comercial sobre PIB), en el crecimiento de las ramas en Colombia durante el periodo 1999-2011. Los resultados empíricos encontrados sugieren que la deuda con establecimientos de crédito y el nivel de profundización financiera tienen un efecto positivo y significativo en el crecimiento que excede a las tasas máximas que una rama puede alcanzar si se restringe su apalancamiento. Al analizar el resultado discriminando la deuda por plazo, se encontró un efecto mayor de la deuda de largo plazo. Por otro lado, se calculó el efecto de la deuda con el sistema financiero en la inversión y estructura de financiamiento de las ramas. Se encontró que el efecto de la deuda con establecimientos de crédito en las actividades de inversión de una rama depende en parte si esta puede o no emitir títulos de deuda. Adicionalmente, se observó que un aumento en 1 % en el nivel de profundización financiera conlleva a un aumento de aproximadamente 0,22 % en la razón deuda con establecimientos de crédito y patrimonio de las ramas en Colombia. Por último, al analizar los efectos encontrados del apalancamiento financiero por periodo de tiempo, se observó un efecto positivo y significativo en los periodos identificados como de auge de crédito en Colombia.

Suggested Citation

  • Carlos Quicazán, 2012. "Profundización Financiera y su efecto en las Firmas en Colombia," Temas de Estabilidad Financiera 070, Banco de la Republica de Colombia.
    • Handle: RePEc:bdr:temest:070
    DOI: 10.32468/tef.70
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    References listed on IDEAS

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    Cited by:

    1. Ricardo Bebczuk & Eduardo Cavallo, 2016. "Is business saving really none of our business?," Applied Economics, Taylor & Francis Journals, vol. 48(24), pages 2266-2284, May.
    2. Ricardo Bebczuk & Eduardo Cavallo, 2016. "Is business saving really none of our business?," Applied Economics, Taylor & Francis Journals, vol. 48(24), pages 2266-2284, May.

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    More about this item

    Keywords

    Profundización nanciera; auge de crédito; crecimiento de las rmas; estructura de financiación; restricciones de financiación;
    All these keywords.

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • O12 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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