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Crisis financieras y efectividad de la política de prestamista de última instancia: un modelo de equilibrio general dinámico para el caso colombiano

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  • Alejandro Torres

Abstract

La actual crisis financiera internacional iniciada en 2008 en Estados Unidos ha puesto de nuevo en el debate académico y político la importancia del sistema financiero en la economía, las posibilidades de política económica disponibles para apoyarlo y sus implicaciones en el corto y largo plazo. En este artículo se estudian los posibles impactos que tiene la política de prestamista de última instancia de los bancos centrales para superar las crisis financieras y sus implicaciones en términos de crecimiento. Para ello, se construye y calibra un modelo de equilibrio general dinámico donde se incluyen explícitamente el sistema financiero y la política de apoyos de liquidez de la banca central. Los resultados de las simulaciones muestran que este tipo de política permite superar de manera más rápida las crisis financieras y económicas, pero que retrasa el ajuste de la economía en el largo plazo y aumenta su volatilidad.

Suggested Citation

  • Alejandro Torres, 2010. "Crisis financieras y efectividad de la política de prestamista de última instancia: un modelo de equilibrio general dinámico para el caso colombiano," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 28(61), pages 272-306, August.
    • Handle: RePEc:bdr:ensayo:v:28:y:2010:i:61:p:272-306
    DOI: 10.32468/Espe.6107
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    References listed on IDEAS

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    1. Michael D. Bordo, 1989. "The Lender of Last Resort: Some Historical Insights," NBER Working Papers 3011, National Bureau of Economic Research, Inc.
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    More about this item

    Keywords

    Sistema financiero; crisis económica; prestamista de última instancia; Politica economica;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy

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