El canal del préstamo de la política monetaria en Colombia: la importancia del ciclo económico y la regulación macroprudencial

dc.contributorGómez Gonzalez, Jose Eduardo
dc.contributorJalil Barney, Munir
dc.creatorRamírez Rozo, Hernán Felipe
dc.date.accessioned2020-09-14T21:57:32Z
dc.date.available2020-09-14T21:57:32Z
dc.date.created2020-09-14T21:57:32Z
dc.date.issued2018-12-03
dc.identifierhttps://repositorio.unal.edu.co/handle/unal/78459
dc.description.abstractThe effect of the monetary policy lending channel for the Colombian case is analyzed. Based on a monthly sample of credit entities for the period 2000:1 - 2014:12, a heterogeneous dynamic panel model is estimated, which uses the structure of the financial system as a form of identification, making explicit characteristics of the bank balance, macroprudential regulation and the economic cycle. There is favorable evidence of the loan channel for the period analyzed, highlighting the asymmetry in the transmission of monetary policy per individual according to their size, capitalization and liquidity. There is a negative relationship of macroprudential regulations on credit linked to provisions and exchange rate exposure, although a positive relationship in terms of solvency. There is evidence of asymmetry in the effects between valleys and peaks in the cycle, procyclicality of provisions and exchange rate exposure, and counter-cyclicality of solvency. There is weak presence of risk-taking channel. The presence of heterogeneous slopes stands out, although not of correlated effects.
dc.description.abstractSe analiza el efecto del canal del préstamo de la política monetaria para el caso colombiano. A partir una muestra mensual de entidades crediticias para el periodo de 2000:1 – 2014:12, se estima un modelo de panel dinámico heterogéneo, que emplea la estructura del sistema financiero como forma de identificación, haciendo explícitas características del balance bancario, la regulación macroprudencial y el ciclo económico. Se encuentra evidencia favorable del canal del préstamo para el periodo analizado, destacando la asimetría en la transmisión de la política monetaria por individuo de acuerdo con su tamaño, capitalización y liquidez. Se observa una relación negativa de las regulaciones macroprudenciales sobre el crédito vinculadas a las provisiones y a la exposición cambiaria, aunque una positiva en cuanto a la relación de solvencia. Hay evidencia de asimetría en los efectos entre valles y picos del ciclo, prociclicidad de las provisiones y la exposición cambiaria, y anticíclico de la solvencia. Hay presencia débil de risk taking channel. Se destaca la presencia de pendientes heterogéneas, aunque no de efectos correlacionados.
dc.languagespa
dc.publisherBogotá - Ciencias Económicas - Maestría en Ciencias Económicas
dc.publisherEscuela de Economía
dc.publisherUniversidad Nacional de Colombia - Sede Bogotá
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dc.rightsAtribución-NoComercial 4.0 Internacional
dc.rightsAcceso abierto
dc.rightshttp://creativecommons.org/licenses/by-nc/4.0/
dc.rightsinfo:eu-repo/semantics/openAccess
dc.rightsDerechos reservados - Universidad Nacional de Colombia
dc.titleEl canal del préstamo de la política monetaria en Colombia: la importancia del ciclo económico y la regulación macroprudencial
dc.typeOtro


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