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

Author

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  • Arnold Jonathan Torres Sotelo

Abstract

Este documento investiga la importancia del canal del crédito bancario de la política monetaria en una economía abierta y pequena 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 tamano 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.

Suggested Citation

  • Arnold Jonathan Torres Sotelo, 2012. "El Papel de los Establecimientos Bancarios en la Transmisión de la Política Monetaria," Documentos CEDE 10310, Universidad de los Andes, Facultad de Economía, CEDE.
    • Handle: RePEc:col:000089:010310
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    File URL: https://repositorio.uniandes.edu.co/bitstream/handle/1992/8351/dcede2012-30.pdf
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    Keywords

    Política monetaria; canal del crédito;

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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