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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

Author

Listed:
  • Alejandro Torres
  • Remberto Rhenals G
  • Wilman Gómez M

Abstract

La actual crisis financiera internacional iniciadaen 2008 en Estados Unidos ha puesto de nuevo enel debate académico y político la importancia delsistema financiero en la economía, las posibilidadesde política económica disponibles para apoyarlo ysus implicaciones en el corto y largo plazo. En esteartículo se estudian los posibles impactos que tienela política de prestamista de última instancia de losbancos centrales para superar las crisis financieras ysus implicaciones en términos de crecimiento. Paraello, se construye y calibra un modelo de equilibriogeneral dinámico donde se incluyen explícitamenteel sistema financiero y la política de apoyos de liquidezde la banca central. Los resultados de las simulacionesmuestran que este tipo de política permitesuperar de manera más rápida las crisis financieras yeconómicas, pero que retrasa el ajuste de la economíaen el largo plazo y aumenta su volatilidad.

Suggested Citation

  • Alejandro Torres & Remberto Rhenals G & Wilman Gómez M, 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 República, vol. 28(61), pages 272-306, August.
    • Handle: RePEc:col:000107:008325
    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.
    2. Andrés Felipe Arias, 2000. "The Colombian Banking Crisis: Macroeconomic Consequences And What To Expect," Borradores de Economia 3573, Banco de la Republica.
    3. Roberto Chang & Andres Velasco, 1998. "Financial crises in emerging markets: a canonical model," FRB Atlanta Working Paper 98-10, Federal Reserve Bank of Atlanta.
    4. Roberto Chang & Andrés Velasco, 2000. "Liquidity Crises in Emerging Markets: Theory and Policy," NBER Chapters, in: NBER Macroeconomics Annual 1999, Volume 14, pages 11-78, National Bureau of Economic Research, Inc.
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    More about this item

    Keywords

    sistema financiero; crisis económica; prestamista de última instancia; política económica.;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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