El canal del préstamo de la política monetaria en Colombia: la importancia del ciclo económico y la regulación macroprudencial
| dc.contributor.advisor | Gómez Gonzalez, Jose Eduardo | spa |
| dc.contributor.advisor | Jalil Barney, Munir | spa |
| dc.contributor.author | Ramírez Rozo, Hernán Felipe | spa |
| dc.date.accessioned | 2020-09-14T21:57:32Z | spa |
| dc.date.available | 2020-09-14T21:57:32Z | spa |
| dc.date.issued | 2018-12-03 | spa |
| dc.description.abstract | The 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. | spa |
| dc.description.abstract | Se 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. | spa |
| dc.description.additional | Línea de Investigación: Teoría y Política Económica | spa |
| dc.description.degreelevel | Maestría | spa |
| dc.format.extent | 63 | spa |
| dc.format.mimetype | application/pdf | spa |
| dc.identifier.uri | https://repositorio.unal.edu.co/handle/unal/78459 | |
| dc.language.iso | spa | spa |
| dc.publisher.branch | Universidad Nacional de Colombia - Sede Bogotá | spa |
| dc.publisher.department | Escuela de Economía | spa |
| dc.publisher.program | Bogotá - Ciencias Económicas - Maestría en Ciencias Económicas | spa |
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| dc.rights | Derechos reservados - Universidad Nacional de Colombia | spa |
| dc.rights.accessrights | info:eu-repo/semantics/openAccess | spa |
| dc.rights.license | Atribución-NoComercial 4.0 Internacional | spa |
| dc.rights.spa | Acceso abierto | spa |
| dc.rights.uri | http://creativecommons.org/licenses/by-nc/4.0/ | spa |
| dc.subject.ddc | 330 - Economía | spa |
| dc.subject.proposal | canal del préstamo de la política monetaria | spa |
| dc.subject.proposal | bank lending channel of monetary policy | eng |
| dc.subject.proposal | ciclos financieros internacionales | spa |
| dc.subject.proposal | international financial cycles | eng |
| dc.subject.proposal | risk taking channel | eng |
| dc.subject.proposal | risk taking channel | spa |
| dc.subject.proposal | macroprudential regulation | eng |
| dc.subject.proposal | regulación macroprudencial | spa |
| dc.subject.proposal | panel dinámico heterogéneo | spa |
| dc.subject.proposal | heterogeneous dynamic panel | eng |
| dc.title | El canal del préstamo de la política monetaria en Colombia: la importancia del ciclo económico y la regulación macroprudencial | spa |
| dc.type | Trabajo de grado - Maestría | spa |
| dc.type.coar | http://purl.org/coar/resource_type/c_bdcc | spa |
| dc.type.coarversion | http://purl.org/coar/version/c_ab4af688f83e57aa | spa |
| dc.type.content | Text | spa |
| dc.type.driver | info:eu-repo/semantics/masterThesis | spa |
| dc.type.version | info:eu-repo/semantics/acceptedVersion | spa |
| oaire.accessrights | http://purl.org/coar/access_right/c_abf2 | spa |