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El Papel de los Establecimientos Bancarios en la Transmisión de la Política Monetaria

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  • Arnold Jonathan Torres Sotelo


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    Este documento investiga la importancia del canal del crédito bancario de la política monetaria en una economía abierta y pequeña como la colombiana. Usando el modelo de panel dinámico Método de Momentos Generalizados (MMG), propuesto por Arellano y Bover (1995), se estima una función de oferta de créditos bancarios durante el período 2002-2010. Los resultados indican que existe evidencia empírica de la existencia del canal del crédito bancario generado por cambios en la tasa de interés de intervención del Banco de la República. Adicionalmente existe un efecto indirecto sobre el crédito bancario a través de la interacción de la tasa de interés de intervención y el tamaño de los bancos. Por el contrario, otras variables de los intermediarios financieros como la liquidez y el nivel de capital no tiene efectos estadísticamente significativos sobre la oferta de créditos bancarios.

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    Paper provided by UNIVERSIDAD DE LOS ANDES-CEDE in its series DOCUMENTOS CEDE with number 010310.

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    Length: 36
    Date of creation: 03 Oct 2012
    Handle: RePEc:col:000089:010310
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