Reference financial cycle in Colombia

Jorge Uribe, Inés María Ulloa () and Johanna Perea ()
Additional contact information
Inés María Ulloa: Universidad del Valle
Johanna Perea: Universidad del Valle

Lecturas de Economía, 2015, issue 83, 33-62

Abstract: In this paper we date recession and expansion phases for several financial variables in Colombia and construct a reference financial cycle for the economy. The selected variables include the stock market index (IGBC), the ratio of total loans to GDP, the ratio of consumption loans to GDP, and the return on assets (ROA) of bank institutions. The degree of synchronization between the financial cycle and some market and real variables, such as the passive market interest rate, is also analyzed. We conclude that three complete financial cycles have occurred from 1990 to 2013. Also, we find evidence favoring the existence of a relationship between the real and the financial cycles, and between the latter and the market interest rate.

Keywords: financial cycles; classic cycles; synchronization; real cycle; Colombia; cycles in emerging economies (search for similar items in EconPapers)
JEL-codes: E30 E32 E44 (search for similar items in EconPapers)
Date: 2015
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://aprendeenlinea.udea.edu.co/revistas/index.p ... cle/view/23437/19297 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:lde:journl:y:2015:i:83:p:33-62

Ordering information: This journal article can be ordered from
Lecturas de Economía, Departamento de Economía, Calle 67, 53-108, Medellin 050010, Colombia.

DOI: 10.17533/udea.le.n83a02

Access Statistics for this article

Lecturas de Economía is currently edited by Carlos Andrés Vasco Correa

More articles in Lecturas de Economía from Universidad de Antioquia, Departamento de Economía Contact information at EDIRC.
Bibliographic data for series maintained by Carlos Andrés Vasco Correa ().