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Shadow Banking y Liquidez en Colombia

Author

Listed:
  • Pamela Cardozo

    ()

  • Jorge Cely

    ()

  • Andrés Murcia

    ()

Abstract

En este estudio calculamos un indicador de la actividad de shadow banking en Colombia para el período comprendido entre enero de 2011 y marzo de 2013. Dicho indicador sugiere que esta actividad ha venido incrementándose y representa cerca del 9,9% del PIB de 2012. Adicionalmente, evaluamos el nivel de prociclicidad que puede tener la decisión de apalancamiento de un grupo de intermediarios financieros especialmente asociados a este tipo de actividad, encontrando que dicha prociclicidad está asociada a un mayor uso de operaciones repo y de simultáneas por parte de los intermediarios financieros. Finalmente, a través de la adaptación de un modelo teórico de liquidez y apalancamiento (Tirole, 2011) planteamos bajo qué condiciones dichas decisiones de apalancamiento se tornan procíciclicas.

Suggested Citation

  • Pamela Cardozo & Jorge Cely & Andrés Murcia, 2013. "Shadow Banking y Liquidez en Colombia," BORRADORES DE ECONOMIA 010980, BANCO DE LA REPÚBLICA.
  • Handle: RePEc:col:000094:010980
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    Other versions of this item:

    • Cardozo, Pamela & Murcia, Andrés & Cely, Jorge, 2015. "Shadow banking y liquidez en Colombia," Chapters,in: Jose E. Gomez-Gonzalez & Jair N. Ojeda-Joya (ed.), Política monetaria y estabilidad financiera en economías pequeñas y abiertasPolítica monetaria y estabilidad financiera en economías pequeñas y abiert, chapter 1, pages 1-37 Banco de la Republica de Colombia.

    References listed on IDEAS

    as
    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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    Citations

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    Cited by:

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

    More about this item

    Keywords

    Shadow banking; prociclicidad; liquidez; decisiones de apalancamiento;

    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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