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LA VIVIENDA EN COLOMBIA: Sus Determinantes Socio-Económicos y Financieros

Author

Listed:
  • Sergio Clavijo

    ()

  • Michel Janna

    ()

  • Santiago Muñoz

    ()

Abstract

El objetivo de este trabajo es proporcionar una visión de conjunto del mercado hipotecario en Colombia y su relación con los principales determinantes que se encuentran a nivel internacional. Nuestras recomendaciones apuntan a examinar la cadena productiva y obtener un mejor entendimiento de las estadísticas “vitales” del sector vivienda y su relación con las condiciones crediticias. También presentamos un modelo simultáneo tendiente a explicar los ciclos de precios hipotecarios en Colombia durante el periodo 1990-2003. Por el lado de la demanda, encontramos que el metraje construido es bastante elástico al ingreso laboral de los hogares y al precio de la vivienda nueva, así como a la tasa de interés real. Por el lado de la oferta, se observó una elasticidad alta a los costos de construcción y un efecto riqueza moderado. Estos resultados son robustos a diferentes tipos de estimación.

Suggested Citation

  • Sergio Clavijo & Michel Janna & Santiago Muñoz, 2004. "LA VIVIENDA EN COLOMBIA: Sus Determinantes Socio-Económicos y Financieros," BORRADORES DE ECONOMIA 003099, BANCO DE LA REPÚBLICA.
  • Handle: RePEc:col:000094:003099
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    References listed on IDEAS

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    1. Kostas Tsatsaronis & Haibin Zhu, 2004. "What drives housing price dynamics: cross-country evidence," BIS Quarterly Review, Bank for International Settlements, March.
    2. Joshua H. Gallin, 2003. "The long-run relationship between house prices and income: evidence from local housing markets," Finance and Economics Discussion Series 2003-17, Board of Governors of the Federal Reserve System (U.S.).
    3. Caplin, Andrew & Freeman, Charles & Tracy, Joseph, 1997. "Collateral Damage: Refinancing Constraints and Regional Recessions," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 29(4), pages 496-516, November.
    4. Muellbauer, John & Murphy, Anthony, 1997. "Booms and Busts in the UK Housing Market," Economic Journal, Royal Economic Society, vol. 107(445), pages 1701-1727, November.
    5. Karl E. Case, 2000. "Real Estate and Macroeconomy," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 31(2), pages 119-162.
    6. Sergio Clavijo, 2002. "Política Monetaria Y Cambiaria En Colombia: Progresos Y Desafíos (1991-2002)," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE, June.
    7. Alejandro Gaviria, 2004. "Del Romanticismo Al Realismo Social: Lecciones De La Década Del 90," DOCUMENTOS CEDE 002265, UNIVERSIDAD DE LOS ANDES-CEDE.
    8. Mauricio Cardenas & Alejandro Badel, 2003. "La crisis de financiamiento hipotecario en Colombia: Causas y consecuencias," Research Department Publications 4355, Inter-American Development Bank, Research Department.
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    Cited by:

    1. Ríos Ocampo, Juan Pablo & Olaya Morales, Yris, 2016. "Sostenibilidad del consumo doméstico de materiales de construcción en Colombia, 1990-2013," REVISTA LECTURAS DE ECONOMÍA, UNIVERSIDAD DE ANTIOQUIA - CIE, issue 86, pages 127-151, December.
    2. Vanessa Cediel Sánchez & Carlos Velásquez Vega, 2015. "¿Hay una burbuja inmobiliaria en Bogotá? Un estudio por segmentos de mercado," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 17(32), pages 233-357, January-J.
    3. Juan Pablo Ríos Ocampo & Yris Olaya Morales, 2017. "Sustainability of the domestic consumption of construction materials in Colombia, 1990-2013," Lecturas de Economía, Universidad de Antioquia, Departamento de Economía, issue 86, pages 127-151, Enero - J.
    4. Leonardo Santana Viloria, 2015. "Estimación del beta para el sector inmobiliario a partir del desempeño de fondos de inversión inmobiliaria en Colombia," REVISTA FINANZAS Y POLÍTICA ECONÓMICA, UNIVERSIDAD CATOLICA DE COLOMBIA, vol. 7(1), pages 83-95, January.

    More about this item

    Keywords

    Mercados financieros;

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy

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