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Shadow Banking y Liquidez en Colombia

Author

Listed:
  • Pamela Cardozo
  • Jorge Cely
  • Andr�s Murcia

Abstract

En este estudio calculamos un indicador de la actividad de shadow banking en Colombia para el per�odo comprendido entre enero de 2011 y marzo de 2013. Dicho indicador sugiere que esta actividad ha venido increment�ndose y representa cerca del 9,9% del PIB de 2012. Adicionalmente, evaluamos el nivel de prociclicidad que puede tener la decisi�n de apalancamiento de un grupo de intermediarios financieros especialmente asociados a este tipo de actividad, encontrando que dicha prociclicidad est� asociada a un mayor uso de operaciones repo y de simult�neas por parte de los intermediarios financieros. Finalmente, a trav�s de la adaptaci�n de un modelo te�rico de liquidez y apalancamiento (Tirole, 2011) planteamos bajo qu� condiciones dichas decisiones de apalancamiento se tornan proc�ciclicas.

Suggested Citation

  • Pamela Cardozo & Jorge Cely & Andr�s Murcia, 2013. "Shadow Banking y Liquidez en Colombia," Borradores de Economia 10980, Banco de la Republica.
    • Handle: RePEc:col:000094:010980
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    References listed on IDEAS

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    1. Bernanke, Ben S. & Gertler, Mark & Gilchrist, Simon, 1999. "The financial accelerator in a quantitative business cycle framework," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 21, pages 1341-1393, Elsevier.
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    Cited by:

    1. Fanny Warman D. & María José Roa, 2014. "Intermediarios financieros no bancarios en América Latina: ¿banca paralela?," Documentos de Investigación - Research Papers 16, CEMLA.
    2. Fernando Avalos & Ramon Moreno & Tania Romero, 2015. "Leverage on the buy side," BIS Working Papers 517, Bank for International Settlements.

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    More about this item

    Keywords

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    JEL classification:

    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage

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