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Acelerador Financiero y Ciclos Económicos en Colombia: Un Ejercicio Exploratorio

Author

Listed:
  • Fernando Tenjo
  • Luisa F. Charrry V.
  • Martha López
  • Juan M. Ramírez

Abstract

A partir del debate sobre la respuesta de política a fluctuaciones en los precios de losactivos, en el presente documento se estudia la importancia de estos precios en elcontexto de una economía emergente como la colombiana, caracterizada por ungrado variable de represión financiera y vulnerabilidad a choques externos, enparticular de flujos de capital y términos de intercambio. El trabajo encuentraevidencia sobre el funcionamiento del acelerador financiero y su relación con dichoschoques en el período 1970 - 2006. A partir de allí se identifican tres ciclos deprecios de los activos que coinciden con ciclos del PIB. Los resultados subrayan laincidencia de choques externos y del diseño macroeconómico de la políticamonetaria en la dinámica del acelerador financiero. Esto corrobora la importancia devariables como los precios de los activos y el crédito para el diseño de una políticamonetaria contra-cíclica.

Suggested Citation

  • Fernando Tenjo & Luisa F. Charrry V. & Martha López & Juan M. Ramírez, 2007. "Acelerador Financiero y Ciclos Económicos 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 López, 2010. "Early Warning Indicators for Latin America," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República, vol. 28(63), pages 232-259, December.
    2. 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 Republica de Colombia, vol. 26(56), pages 114-148, June.
    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. 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 10854, Universidad del Norte.
    5. Carolina Arteaga & Carlos Huertas Campos & Sergio Olarte Armenta, 2012. "Índice de Desbalance Macroeconómico," Borradores de Economia 10077, Banco de la Republica.
    6. Gloria Cecilia Martínez, 2008. "Anatomía de los ciclos económicos en Colombia 1970-2007," Borradores de Economia 4569, Banco de la Republica.
    7. Lavan Mahadeva & Javier Gómez Pineda, 2009. "The international cycle and Colombian monetary policy," Borradores de Economia 5406, Banco de la Republica.

    More about this item

    Keywords

    Financial accelerator; business fluctuations and cycles; asset pricebooms.;
    All these keywords.

    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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