El canal del crédito bancario en Colombia: 1995-2005. Una aproximación mediante modelos de umbral

Maria Isabel Restrepo Estrada () and Diana Restrepo Ochoa
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Maria Isabel Restrepo Estrada: Facultad de Ciencias Económicas, Universidad de Antioquia, Postal: Apartado Aéreo 1226
Authors registered in the RePEc Author Service: Maria Isabel Restrepo-Estrada () and María Isabel Restrepo Estrada

Lecturas de Economía, 2007, issue 67, 99-118

Abstract: The Bank Credit Channel, which amplifies the effects of the traditional channel of monetary policy, emphasizes on the structure and frictions of financial markets as determinants of aggregate spending. This paper aims at analyze and verify the existence of the bank credit channel in Colombia estimating a model proposed by Gibson (1997) which uses threshold regressions as a way to determine the impact of monetary policy on aggregate demand. Results do not allow dismissing the existence of this transmission mechanism in Colombia during the analyzed period, although it seems to operate only through contractionary monetary policy.

Keywords: monetary policy; transmission mechanisms; bank lending channel; threshold regressions (search for similar items in EconPapers)
JEL-codes: C12 C52 E44 E52 G11 (search for similar items in EconPapers)
Date: 2007
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