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Acelerador Financiero y Ciclos Econ�micos en Colombia: Un Ejercicio Exploratorio

Author

Listed:
  • Fernando Tenjo
  • Luisa F. Charrry V.
  • Martha L�pez
  • Juan M. Ram�rez

Abstract

A partir del debate sobre la respuesta de pol�tica a fluctuaciones en los precios de losactivos, en el presente documento se estudia la importancia de estos precios en elcontexto de una econom�a emergente como la colombiana, caracterizada por ungrado variable de represi�n financiera y vulnerabilidad a choques externos, enparticular de flujos de capital y t�rminos de intercambio. El trabajo encuentraevidencia sobre el funcionamiento del acelerador financiero y su relaci�n con dichoschoques en el per�odo 1970 - 2006. A partir de all� se identifican tres ciclos deprecios de los activos que coinciden con ciclos del PIB. Los resultados subrayan laincidencia de choques externos y del dise�o macroecon�mico de la pol�ticamonetaria en la din�mica del acelerador financiero. Esto corrobora la importancia devariables como los precios de los activos y el cr�dito para el dise�o de una pol�ticamonetaria contra-c�clica.

Suggested Citation

  • Fernando Tenjo & Luisa F. Charrry V. & Martha L�pez & Juan M. Ram�rez, 2007. "Acelerador Financiero y Ciclos Econ�micos en Colombia: Un Ejercicio Exploratorio," Borradores de Economia 4019, Banco de la Republica.
    • Handle: RePEc:col:000094:004019
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    Citations

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    Cited by:

    1. Fernando Tenjo & Martha L�pez, 2010. "Early Warning Indicators for Latin America""," Borradores de Economia 7073, Banco de la Republica.
    2. Esteban G�mez & sandra Rozo, 2007. "Beyond Bubbles:The role of asset prices in early-warning indicators," Borradores de Economia 4050, Banco de la Republica.
    3. 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.
    4. 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.
    5. Esteban G�mez & Sandra Rozo, 2007. "Beyond Bubbles: The role of asset prices in early-warning indicators," Borradores de Economia 4245, Banco de la Republica.
    6. 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.
    7. Lavan Mahadeva & Javier G�mez Pineda, 2009. "The international cycle and Colombian monetary policy," Borradores de Economia 5406, Banco de la Republica.
    8. Fernando Tenjo & Martha L�pez, 2010. "Early Warning Indicators for Latin America," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República, vol. 28(63), pages 232-259.
    9. 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, Universidad del Norte, vol. 0(0), pages 1-33.
    10. Carolina Arteaga & Carlos Huertas Campos & Sergio Olarte Armenta, 2012. "�ndice de Desbalance Macroecon�mico," Borradores de Economia 10077, Banco de la Republica.
    11. Gloria Cecilia Mart�nez, 2008. "Anatom�a de los ciclos econ�micos en Colombia 1970-2007," Borradores de Economia 4569, Banco de la Republica.

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    Keywords

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    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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