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Flujos de capital, fragilidad financiera y desarrollo financiero en Colombia

Author

Listed:
  • José Eduardo Gómez
  • Luisa Silva
  • Sergio Restrepo
  • Mauricio Salazar

Abstract

En este trabajo se estudian las interrelaciones existentes entre flujos de capital y estabilidad financiera en Colombia en el período comprendido entre 1995 y 2011 con datos trimestrales. Utilizando modelos VAR cointegrados en niveles, se encuentra que si bien no parece haber una relación directa significativa entre flujos de capital y estabilidad financiera, existe una relación indirecta entre estas dos variables, intermediada por la relación cartera/PIB.

Suggested Citation

  • José Eduardo Gómez & Luisa Silva & Sergio Restrepo & Mauricio Salazar, 2012. "Flujos de capital, fragilidad financiera y desarrollo financiero en Colombia," Borradores de Economia 706, Banco de la Republica de Colombia.
    • Handle: RePEc:bdr:borrec:706
    DOI: 10.32468/be.706
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    References listed on IDEAS

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    1. Corsetti, Giancarlo & Pesenti, Paolo & Roubini, Nouriel, 1999. "What caused the Asian currency and financial crisis?," Japan and the World Economy, Elsevier, vol. 11(3), pages 305-373, October.
    2. Cardarelli, Roberto & Elekdag, Selim & Kose, M. Ayhan, 2010. "Capital inflows: Macroeconomic implications and policy responses," Economic Systems, Elsevier, vol. 34(4), pages 333-356, December.
    3. Bekaert, Geert & Harvey, Campbell R. & Lundblad, Christian, 2005. "Does financial liberalization spur growth?," Journal of Financial Economics, Elsevier, vol. 77(1), pages 3-55, July.
    4. repec:aei:rpaper:25935 is not listed on IDEAS
    5. Calvo, Guillermo A. & Mendoza, Enrique G., 2000. "Rational contagion and the globalization of securities markets," Journal of International Economics, Elsevier, vol. 51(1), pages 79-113, June.
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    Cited by:

    1. Esteban Gómez & Andrés Murcia Pabón & Nancy Zamudio Gómez, 2013. "Foreign Debt Flows and Domestic Credit: A Principal-Agent Approach," Temas de Estabilidad Financiera 075, Banco de la Republica de Colombia.
    2. José Antonio Ocampo & Jonathan Malagón González & Juan Sebastian Betancur, 2015. "La banca central colombiana en una década de expansión, 2003-2013," Books, Universidad Externado de Colombia, Facultad de Economía, edition 1, number 72, htpr_v3_i.
    3. Felipe Clavijo Ramírez & Jorge Luis Hurtado Guarín & Oscar Fernando Jaulín Méndez & Javier Pirateque Niño, 2016. "El requerimiento de capital contracíclico en Colombia," Borradores de Economia 963, Banco de la Republica de Colombia.

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    More about this item

    Keywords

    Flujos de capital; estabilidad financiera; modelos VAR.;
    All these keywords.

    JEL classification:

    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • N16 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Latin America; Caribbean

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