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Inversión y restricciones crediticias en Colombia en la década de los noventa

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  • Catalina Delgado González

Abstract

Este trabajo analiza el efecto a nivel de las firmas del ciclo crediticio que se observó en Colombia a lo largo de la década de los noventa. Con base en el enfoque estándar de la ecuación de Euler para la inversión y un amplio panel de datos para firmas de varias ramas de la actividad económica, en el período de 1991 a 2001, se explora la naturaleza de las restricciones financieras que tuvieron que enfrentar las empresas colombianas para poder financiar su gasto de inversión. Los resultados señalan que las firmas colombianas sí enfrentan imperfecciones en el acceso a recursos externos, que son particularmente más acuciantes para las empresas con un mayor grado de apalancamiento y menor tamaño. Así mismo, se muestra evidencia de que la contracción crediticia de finales de los noventa generó nuevas fricciones para la totalidad de las firmas en estudio. De hecho, al caracterizar dichas restricciones,se concluyó que la dificultad de las firmas restringidas para acceder a nuevos créditos, luego de 1998, se explica más por limitada disponibilidad de recursos (credit crunch), que por el costo de los mismos (tasa de interés)

Suggested Citation

  • Catalina Delgado González, 2004. "Inversión y restricciones crediticias en Colombia en la década de los noventa," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 22(47), pages 8-55, December.
    • Handle: RePEc:bdr:ensayo:v:22:y:2004:i:47:p:8-55
    DOI: 10.32468/Espe.4701
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    1. de Mello Luiz & Moccero Diego & Mogliani Matteo, 2013. "Do Latin American Central Bankers Behave Non-Linearly? The Experiences of Brazil, Chile, Colombia and Mexico," Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 17(2), pages 141-165, April.
    2. Maimbo, Samuel Munzele & Henriquez Gallegos, Claudia Alejandra, 2014. "Interest rate caps around the world: still popular, but a blunt instrument," Policy Research Working Paper Series 7070, The World Bank.
    3. Natalia Salazar Ferro & Pilar Cabrera & Alejandro Becerra, 2011. "El impacto del leasing financiero sobre la inversión y el empleo en las firmas colombianas," Cuadernos de Fedesarrollo 9270, Fedesarrollo.
    4. Laura Capera & Andrés Murcia Pabón & Dairo Estrada, 2011. "Efectos de los Límites a las Tasas de Interés sobre la Profundización Financiera," Temas de Estabilidad Financiera 057, Banco de la Republica de Colombia.

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    More about this item

    Keywords

    inversión; restricciones financieras; contracción crediticia.;
    All these keywords.

    JEL classification:

    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies

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