Determinantes de la cartera del sector financiero en Colombia: un análisis basado en un modelo de corrección de errores vectorial

Abstract

In this paper we analyzes the impact on the gross loan portfolio of the Colombian nancial sector to a shock on macroeconomic variables or otherwise. First, we estimated a vector error correction (VECM) model. The results show that there is a causality and long-term relationbetween real net portfolio nancial sector, Gross Domestic Product, Real DTF and Real Exchange Rate Index. Finally, we concluded that the impulse responses of these variables are consistent with economic theory and stylized facts.