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Acelerador Financiero y Ciclos Económicos en Colombia: Un Ejercicio Exploratorio

Listed author(s):
  • Fernando Tenjo


  • Luisa F. Charrry V.
  • Martha López


  • Juan M. Ramírez

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.

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Paper provided by BANCO DE LA REPÚBLICA in its series BORRADORES DE ECONOMIA with number 004019.

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Length: 26
Date of creation: 27 Aug 2007
Handle: RePEc:col:000094:004019
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