65 results
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2. TWITTER-BASED ECONOMIC POLICY UNCERTAINTY INDEX FOR CHILE.
- Author
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SEBASTIAN BECERRA, JUAN and SAGNER, ANDRES
- Subjects
- *
ECONOMIC policy , *ECONOMIC uncertainty , *FOREIGN exchange rates , *COVID-19 pandemic , *ECONOMIC forecasting , *ECONOMICS - Abstract
In this paper, we develop a daily-frequency measure of economic and policy uncertainty for Chile, employing information obtained from Twitter accounts using web scraping techniques and following closely the methodology proposed by Baker et al. (2016). Our proposed measure, called DEPUC, aims to capture the level of general disagreement -a proxy for economic and policy uncertainty-in topics such as the economy, economic policies, uncertainty about particular events, and Chile's conjuncture situation. The index, available from 2012 onwards, shows significant hikes that coincide with several local and international episodes that provoked extraordinary levels of uncertainty in Chile, especially after the events around the civil protests in mid-October 2019 and the start of the COVID-19 pandemic in mid-March 2020. An empirical exercise reveals that the proposed measure is a significant determinant of the nominal exchange rate dynamics, especially when this variable's magnitude is high and a week after the shock occurs. On the contrary, when the exchange rate is low, the impact of uncertainty on this variable is quantitatively smaller for any forecasting horizon. These features, and others discussed in the paper, highlight the usefulness of the proposed metric as an additional indicator that policymakers can incorporate into their monitoring toolkit. [ABSTRACT FROM AUTHOR]
- Published
- 2023
3. MONETARY POLICY AND INCOME DISTRIBUTION IN THE COVID-19 PANDEMIC CRISIS: A EUROPEAN PERSPECTIVE¹.
- Author
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Rossi, Sergio
- Subjects
COVID-19 pandemic ,INCOME distribution ,MONETARY policy ,ECONOMIC systems ,EUROZONE - Abstract
Copyright of Investigación Económica is the property of Universidad Nacional Autonoma de Mexico, Facultad de Economia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Published
- 2022
- Full Text
- View/download PDF
4. LA INTERACCIÓN ENTRE LA POLÍTICA MACROPRUDENCIAL Y LA POLÍTICA MONETARIA.
- Author
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de Blas, Beatriz
- Abstract
Copyright of Informacion Comercial Espanola Revista de Economia is the property of S.G.E.E.I.P.C., Secretaria de Estado de Comercio, Ministerio de Industria, Comercio y Turismo and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Published
- 2021
- Full Text
- View/download PDF
5. EL CUADRO DE MANDOS DE LA POLÍTICA MACROPRUDENCIAL.
- Author
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Estrada, Ángel and Mencía, Javier
- Abstract
Copyright of Informacion Comercial Espanola Revista de Economia is the property of S.G.E.E.I.P.C., Secretaria de Estado de Comercio, Ministerio de Industria, Comercio y Turismo and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Published
- 2021
- Full Text
- View/download PDF
6. EVOLUCIÓN DE LAS CONEXIONES ENTRE BANCOS Y SECTORES FINANCIEROS NO BANCARIOS EN EL SISTEMA FINANCIERO ESPAÑOL.
- Author
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Stupariu, Patricia, Alonso Olmedo, José, and Cambón Murcia, María Isabel
- Abstract
Copyright of Informacion Comercial Espanola Revista de Economia is the property of S.G.E.E.I.P.C., Secretaria de Estado de Comercio, Ministerio de Industria, Comercio y Turismo and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Published
- 2021
- Full Text
- View/download PDF
7. Concentración bancaria, competencia y estabilidad financiera en Colombia.
- Author
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Torres, Alejandro and Castaño, Juan David
- Abstract
Copyright of Desafíos is the property of Colegio Mayor de Nuestra Senora del Rosario and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Published
- 2020
- Full Text
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8. Distribución del crédito, rentabilidad y estabilidad.
- Author
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dos Santos, Paulo L.
- Subjects
CREDIT control ,PROFITABILITY ,CREDIT risk ,CAPITAL ,AGGREGATE demand - Abstract
Copyright of Ensayos Economicos is the property of Banco Central de la Republica Argentina and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Published
- 2013
9. THE ENTRY OF FOREIGN BANKS INTO LATIN AMERICA: A SOURCE OF STABILITY OR FINANCIAL FRAGILITY?
- Author
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Minda, Alexandre
- Subjects
FOREIGN banking industry ,BANK management ,FOREIGN exchange rate risk ,PROFITABILITY - Abstract
Copyright of Problemas del Desarrollo. Revista Latinoamericana de Economía is the property of Universidad Nacional Autonoma de Mexico. Instituto de Investigaciones Economicas and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Published
- 2007
10. EL PERRO Y EL FRISBEE.
- Author
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Haldane, Andrew G. and Madouros, Vasileios
- Subjects
FINANCIAL services industry laws ,GOVERNMENT policy on financial crises ,ECONOMIC decision making ,ECONOMIC stabilization ,GOVERNMENT policy - Abstract
Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Published
- 2012
11. Prudential regulation and financial information in Spanish banks: 1995–2015.
- Author
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Marín, Salvador, Gras, Ester, and Ortiz, Esther
- Subjects
GOVERNMENT regulation ,BANKING industry ,BEHAVIOR ,GOVERNORS (Machinery) - Abstract
Copyright of Spanish Journal of Finance & Accounting / Revista Espanola de Financiacion y Contabilidad is the property of Routledge and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Published
- 2019
- Full Text
- View/download PDF
12. Effects of institutional environment on global banking development.
- Author
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Mendoza, Jorge A. Muñoz, Yelpo, Sandra M. Sepúlveda, and Ramos, Carmen L. Veloso
- Subjects
INSTITUTIONAL environment ,DEVELOPMENT banks ,BANK loans ,FINANCIAL risk ,ECONOMIES of scale - Abstract
Copyright of RAN - Revista Academia & Negocios is the property of RAN - Revista Academia & Negocios, Universidad de Concepcion and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Published
- 2019
13. Ciclo crediticio y acelerador cambiario: evidencia empírica y consecuencias para la regulación prudencial.
- Author
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Sotelo, Renzo Jiménez
- Subjects
- *
DOLLARIZATION , *MONETARY policy , *CREDIT ratings , *CREDIT management , *RISK assessment - Abstract
This paper highlights the amplifier mechanism that has the evolution of exchange rate on the credit cycle in an economy with high financial dollarization, one mechanism that has been called «the exchange rate accelerator». In this scenario, the natural procyclicality between the business cycle and credit cycle goes into the background, but perhaps not fade. The paper develops the theoretical framework underlying the transmission mechanism and shows some stylized facts of Peruvian credit system. The following presents an econometric model with panel data to estimate the effect of exchange rate accelerator on the evolution of credit default in the credit system institutions. From these empirical results, and under Basel II philosophy, the paper discusses how to implement, in banks and other credit institutions, prudential regulation that requires the allocation of provisions and capital for credit risk arising from exchange rate risk caused by foreign currency loans. The basic idea of these measures would help the system to internalize the externalities produced by this non-diversifiable risk factor. [ABSTRACT FROM AUTHOR]
- Published
- 2010
- Full Text
- View/download PDF
14. THE RELATIONSHIP BETWEEN FINANCIAL INTEGRATION AND FINANCIAL STABILITY: AN APPLICATION OF PANEL SMOOTH TRANSITION MODEL.
- Author
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Almanaseer, Sufian Radwan
- Subjects
CAPITAL movements ,FINANCIAL security ,REAL economy ,SPREAD (Finance) ,BUSINESS success ,FINANCIAL crises ,FOOD prices - Published
- 2023
- Full Text
- View/download PDF
15. THE ROLE OF FINANCIAL INCLUSION IN THE STABILITY OF ISLAMIC BANKS.
- Author
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Abu Eid, Qasim Mousa, Abu Al Houl, Mohyi Aldin, Suleiman Alqudah, Mohammad Toma, and Almomani, Mohammed Abd-Alkarim
- Subjects
ISLAMIC finance ,FINANCIAL security ,INCOME inequality ,BANKING industry ,MICROFINANCE ,INTERNATIONAL financial institutions ,FINANCIAL services industry - Published
- 2023
- Full Text
- View/download PDF
16. CENTRAL BANK OF CHILE AS LENDER OF LAST RESORT: Proposal for the Conditions of the Emergency Loan.
- Author
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Arias A., Gonzalo J.
- Subjects
BANK loans ,TAXATION ,FINES (Penalties) ,CREDIT - Abstract
Copyright of Revista de Derecho Universidad San Sebastián is the property of Revista de Derecho Universidad San Sebastian and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Published
- 2017
17. Fundamentos del precio de las viviendas en Uruguay.
- Author
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Ponce, Jorge
- Subjects
- *
HOME prices , *DWELLINGS , *FINANCIAL crises , *ECONOMIC development , *ECONOMIC recovery ,URUGUAYAN economy - Abstract
This paper proposes a model of fundamentals for the price of housing. The model is calibrated with data for Uruguay. The main findings are: Real housing prices fluctuate more than justified by fundamentals; the misalignment was statistically significant just before the 2002 crisis; a fall in fundamental prices anticipates the crisis; and, in the recent period fundamental prices follow a stable trend of positive growth while real housing prices fluctuates around it. [ABSTRACT FROM AUTHOR]
- Published
- 2015
18. Relación entre política monetaria y estabilidad financiera: un análisis aplicado para Colombia.
- Author
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Gil León, José Mauricio
- Abstract
Copyright of Ensayos Sobre Política Económica is the property of Banco de la Republica and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Published
- 2015
- Full Text
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19. The relationship between bank competition and financial stability: a case study of the Mexican banking industry.
- Author
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Osvaldo Fernández, Raúl and Garza-García, Jesús G.
- Subjects
BANK liquidity ,BANK stocks - Abstract
Copyright of Ensayos - Revista de Economía is the property of Ensayos Revista de Economia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Published
- 2015
- Full Text
- View/download PDF
20. Identifying credit procyclicality processes and the impact of statistical provision in Spain: analysis of bank financial statements.
- Author
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Ibáñez-Hernández, Francisco J., Peña-Cerezo, Miguel Á., and Araujo de la Mata, Andrés
- Subjects
CREDIT management ,FINANCIAL institutions ,BANK deposits ,BASEL III (2010) ,BANKING industry - Abstract
Copyright of Spanish Journal of Finance & Accounting / Revista Espanola de Financiacion y Contabilidad is the property of Routledge and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Published
- 2014
- Full Text
- View/download PDF
21. Implicaciones de política para la aplicación de reservas anticíclicas de capital cuando los préstamos del gobierno desplazan al crédito del sector privado: el caso de Jamaica.
- Author
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Langrin, R. Brian and McFarlane, Lavern
- Subjects
- *
BANKING industry , *ECONOMIC equilibrium , *CAPITAL , *BUSINESS cycles , *ECONOMIC indicators , *ECONOMIC history - Abstract
This paper investigates the use of conditioning variables in guiding the accumulation and release phases of a capital buffer requirement for Jamaican banks. An important innovation of this study is the inclusion of public sector conditioning variables to explore the role of sovereign risk build-up in designing countercyclical buffers. [ABSTRACT FROM AUTHOR]
- Published
- 2014
22. POLÍTICAS MACROPRUDENCIALES EN LA AMÉRICA LATINA.
- Author
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Jácome, Luis I.
- Subjects
- *
FINANCIAL crises , *FINANCE laws , *FINANCIAL risk , *PREVENTION - Abstract
One of the legacies of the financial crisis in the United States and Europe is the adoption of macroprudential policies in an increasing number of countries, including in Latin America. These policies aim to prevent future financial crises through the adoption of far-reaching reforms that involve changing the institutional framework for monetary and financial policies, using models and indicators to monitor the buildup of systemic risks, and utilizing instruments designed to prevent the materialization of those risks. The objective of this paper is to examine the institutional aspects of macroprudential policy in Latin America. In particular, it assesses the strengths and weaknesses of existing institutional models and offers suggestions to improve the effectiveness of those models. The analysis focuses on the two main institutional arrangements that exist in this region, the "Pacific" model which includes countries like Chile, Colombia, Peru, Costa Rica and Mexico, and the "Atlantic" model, which includes countries such as Argentina, Brazil and Uruguay. [ABSTRACT FROM AUTHOR]
- Published
- 2013
- Full Text
- View/download PDF
23. RESPUESTA DE POLÍTICA ECONÓMICA A LA PANDEMIA: UNA VISIÓN INTEGRAL.
- Author
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García Andrés, Gonzalo
- Abstract
Copyright of Informacion Comercial Espanola Revista de Economia is the property of S.G.E.E.I.P.C., Secretaria de Estado de Comercio, Ministerio de Industria, Comercio y Turismo and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Published
- 2021
- Full Text
- View/download PDF
24. The dog and the frisbee.
- Author
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Haldane, Andrew G. and Madouros, Vasileios
- Subjects
BANKING industry & economics ,BANK failures ,ECONOMIC aspects of decision making ,ECONOMICS - Abstract
Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Published
- 2012
25. Methodological approaches to the development of an analysis model for optimizing the capital structure of industrial enterprises.
- Author
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LYSENKO, Julia Valentinovna, LYSENKO, Maxim Valentinovich, and GNATYSHINA, Elena Aleksandrovna
- Subjects
CAPITAL structure ,ORGANIZATIONAL structure ,PROFITABILITY ,CORPORATE finance ,REGRESSION analysis - Abstract
Copyright of Revista Espacios is the property of Talleres de Impresos Oma and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Published
- 2021
26. POLÍTICA FISCAL Y ESTABILIDAD FINANCIERA: LOS EFECTOS DE LOS AVALES PÚBLICOS EN RESPUESTA A LA CRISIS DE LA COVID-19.
- Author
-
Arnal, Judith, Hernández, Fernando, Pajón, Ana, and Paternina, Lucía
- Abstract
Copyright of Informacion Comercial Espanola Revista de Economia is the property of S.G.E.E.I.P.C., Secretaria de Estado de Comercio, Ministerio de Industria, Comercio y Turismo and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Published
- 2021
- Full Text
- View/download PDF
27. EVIDENCIA SOBRE EL IMPACTO Y LA EFECTIVIDAD DE LAS HERRAMIENTAS MACROPRUDENCIALES.
- Author
-
Broto, Carmen and Galán, Jorge
- Abstract
Copyright of Informacion Comercial Espanola Revista de Economia is the property of S.G.E.E.I.P.C., Secretaria de Estado de Comercio, Ministerio de Industria, Comercio y Turismo and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Published
- 2021
- Full Text
- View/download PDF
28. LA EXTENSIÓN DE LAS HERRAMIENTAS MACROPRUDENCIALES A LA INTERMEDIACIÓN FINANCIERA NO BANCARIA EN EL SECTOR DE LA INVERSIÓN COLECTIVA.
- Author
-
Canadell Casanova, Eudald and Cambón Murcia, María Isabel
- Abstract
Copyright of Informacion Comercial Espanola Revista de Economia is the property of S.G.E.E.I.P.C., Secretaria de Estado de Comercio, Ministerio de Industria, Comercio y Turismo and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Published
- 2021
- Full Text
- View/download PDF
29. AMCESFI -- LA POLÍTICA MACROPRUDENCIAL EN ESPAÑA Y EN EL MARCO INTERNACIONAL.
- Author
-
Arnal, Judith, Díez Gibson, Juan Luis, Muñoz Moldes, Javier, and Menéndez-Morán Pazos, Maria Eugenia
- Abstract
Copyright of Informacion Comercial Espanola Revista de Economia is the property of S.G.E.E.I.P.C., Secretaria de Estado de Comercio, Ministerio de Industria, Comercio y Turismo and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Published
- 2021
- Full Text
- View/download PDF
30. Methodological approaches to the development of an analysis model for optimizing the capital structure of industrial enterprises.
- Author
-
LYSENKO, Julia Valentinovna, LYSENKO, Maxim Valentinovich, and GNATYSHINA, Elena Aleksandrovna
- Subjects
CAPITAL structure ,FINANCIAL management ,REGRESSION analysis ,AGRICULTURAL industries ,STOCKHOLDERS ,MACROECONOMIC models - Abstract
Copyright of Revista Espacios is the property of Talleres de Impresos Oma and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Published
- 2020
31. Mercados, entidades financieras y bancos centrales ante el cambio climático: retos y oportunidades (*).
- Author
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GONZÁLEZ MARTÍNEZ, CLARA I. and NÚÑEZ RAMOS, SOLEDAD
- Subjects
FINANCIAL risk ,CLIMATE change ,CENTRAL banking industry ,FINANCIAL institutions ,FINANCIAL statements - Abstract
Copyright of Presupuesto y Gasto Publico is the property of Instituto de Estudios Fiscales, Ministerio de Hacienda y Funcion Publica and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Published
- 2019
32. Posturas de política monetaria ante fluctuaciones de la economía: una revisión de la evolución teórica
- Author
-
José Mauricio Gil León
- Subjects
Intervencionismo ,discrecionalidad ,reglas monetarias ,estabilidad financiera ,banco central ,Finance ,HG1-9999 ,Economics as a science ,HB71-74 - Abstract
En este artículo se hace una exploración a las posturas de política monetaria desde diferentes corrientes de pensamiento económico, las cuales pueden ligarse al comportamiento de la estabilidad del ciclo económico y financiero. Por tanto, parte de la discusión tradicional entre no intervencionismo e intervencionismo; en la primera visión se encuentran los autores clásicos y neoclásicos, con la creencia de que el dinero solo tiene efecto sobre los precios, y dentro de la segunda, Keynes postula la necesidad de un activismo monetario. No obstante, la década de los años setenta marca el principio de la neutralidad del dinero, la que domina en las decisiones de política monetaria, para que luego, en los años noventa, sea aceptado el ciclo económico dentro de la regla de política. Finalmente, el texto analiza cómo con la crisis del 2008 sale a flote una postura de política no convencional, que se transforma en el marco de política para la recuperación económica y se abre el debate acerca del uso de una política macroprudencial por parte de los bancos centrales.******This paper explores the monetary policy positions from different economic schools of thought, which can be linked to the stability behavior of the economic and financial cycle. As such, it is based on the traditional debate between non-interventionism and interventionism. Classic and Neo-Classic authors who believe that money only affects prices uphold the former view. In the latter, Keynes postulates the need for monetary activism. Nevertheless, the 1960s marked the beginning of monetary neutrality as the dominating principle in monetary policy decision-making, so that, later, in the 1990s, the economic cycle was accepted within the policy rule. Finally, the text analyses how, with the 2008 financial crisis, an unconventional policy position was brought forth that later became the policy framework for economic recuperation leading to a debate on the use of macroprudential policy by the central banks.
- Published
- 2015
- Full Text
- View/download PDF
33. Deregulation effects of United States financial system on capital flows and Colombian financial instability
- Author
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Gómez Lizarazú, Eduardo Gabriel and Moreno Rivas, Álvaro Martín
- Subjects
Estabilidad financiera ,Margin of safety ,Financial stability ,Capital flows ,Hipótesis de los mercados eficientes ,Riesgo de impago ,330 - Economía ,Capital movements ,Foreign exchange risk ,Political financial ,Expectations ,Desregulación de la cuenta de capitales ,Margen de seguridad ,Política financiera ,Flujos de capitales ,Default risk ,Hipótesis de inestabilidad financiera ,Efficient markets hypothesis ,Expectativas ,Financial instability hypothesis ,Movimiento de capitales ,Riesgo cambiario ,Capital account deregulation - Abstract
ilustraciones, gráficas, tablas Este trabajo se pregunta por los efectos que tuvo la desregulación de la cuenta de capitales en Estados Unidos sobre la estabilidad financiera en Colombia en el periodo 1970-1990, en el que esta estaba fuertemente desregulada, mientras que la de Colombia no. Utilizando como marco teórico la hipótesis de inestabilidad financiera de Minsky, en contraste con la hipótesis de los mercados eficientes del pensamiento más convencional; por medio de la metodología VAR se examinó el efecto que la desregulación de la cuenta de capitales en Estados Unidos tuvo sobre la estabilidad financiera en Colombia. No se encontraron efectos directos -por vía del ICC-, mientras que los efectos indirectos por vía de expectativas son muy difusos. Lo anterior no permite concluir de forma clara la existencia de algún efecto significativo, en línea con la literatura que afirma que para la existencia de estos efectos debe haber un proceso previo de desregulación de la cuenta de capitales local, así como con lo propuesto por la HIF en cuanto a que las crisis financieras son predominantemente consecuencia de dinámicas endógenas y no de choques externos. This paper inquiresabout the effects of capital account deregulation in the United States on financial stability in Colombia in the period 1970-1990, when the latter was strongly deregulated, while Colombia's was not. Using Minsky's financial instability hypothesis as a theoretical framework, in contrast to the efficient markets hypothesis of more conventional thinking, the effect of capital account deregulation in the United States on financial stability in Colombia was examined by means of the VAR methodology. No direct effects -through the PQI- were found, while the indirect effects through expectations are very diffuse. This does not allow us to clearly conclude the existence of any significant effect, in line with the literature that states that for the existence of these effects there must be a previous process of deregulation of the local capital account, as well as with the proposal of the HIF that financial crises are predominantly a consequence of endogenous dynamics and not of external shocks. Maestría Magíster en Ciencias Económicas
- Published
- 2022
34. Climate Change and Financial Instability: Risk Disclosure and the Problematics of Neoliberal Governance.
- Author
-
Christophers, Brett
- Subjects
CLIMATE change ,FINANCIAL crises ,NEOLIBERALISM ,CORPORATE governance ,FINANCIAL markets - Abstract
Copyright of Annals of the American Association of Geographers is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Published
- 2017
- Full Text
- View/download PDF
35. Estabilidade financeira e decisões dos bancos centrais: caso Colômbia, México, Perú e Chile
- Author
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José Mauricio Gil-León
- Subjects
inflação objetivo ,inflación objetivo ,Financial stability ,estabilidade financeira ,bancos centrais ,central banks ,financial crisis ,crise financeira ,crisis financiera ,Arts and Humanities (miscellaneous) ,estabilidad financiera ,target inflation ,General Economics, Econometrics and Finance ,Social Sciences (miscellaneous) ,bancos centrales - Abstract
RESUMEN Este artículo pretende explicar la respuesta de los bancos centrales a la estabilidad financiera con información de cuatro países de América Latina entre 2000 y 2017. Se estiman funciones de reacción en su forma básica y ampliada, lo que evidencia respuestas consistentes con el régimen de meta de inflación, aunque con respuestas variadas al ciclo económico, al comportamiento del tipo de cambio y al ciclo del crédito. También, mediante estimaciones de dos modelos panel VAR, se hace manifiesto que la acumulación de reservas internacionales se efectúa por motivo de precaución, pero la vulnerabilidad financiera persiste por los choques de flujos de capital. JEL: E32; E44; E58; G01. ABSTRACT This paper aims to explain the response of central banks to financial stability, using information from 4 different countries in Latin America between 2000 and 2017. Reaction functions are estimated in their basic and extended form, evidencing responses consistent with the inflation targeting regime, although varied responses to: the economic cycle and the behaviour of the exchange rate and the credit cycle. Also, through estimations of two panel VAR models, it is evident that the accumulation of international reserves is carried out as a precaution, but financial vulnerability persists due to capital flows shocks. JEL: E32; E44; E58; G01. RESUMO Este artigo pretende explicar a resposta dos bancos centrais para a estabilidade financeira com informação de quatro países da América Latina entre 20002017. Estima-se funções de reação em sua forma básica ampliada, o que evidencia respostas consistentes com o regime de meta de inflação, ainda que com respostas variadas ao ciclo econômico, ao comportamento do tipo de câmbio ao ciclo do crédito. Também, mediante estimativas de dois modelos painel VAR, manifesta-se que a acumulação de reservas internacionais faz-se efetiva por motivo de precaução, mas a vulnerabilidade financeira persiste pelos choques de fluxos de capital. JEL: E32; E44; E58; G01.
- Published
- 2020
36. INOVAÇÃO E SUSTENTABILIDADE EM NOVOS ARRANJOS ECONÔMICOS JORNALÍSTICOS DE SANTA CATARINA
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Carlan da Silveira, Stefanie, Paul, Dairan Mathias, and Costa Ramos, Alessandra Natasha
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Estabilidad financiera ,Polymers and Plastics ,Sustentabilidade financeira ,meios jornalísticos nativos digitais ,Innovación en periodismo ,Arranjos econômicos jornalísticos ,Financial sustainability ,Economic journalistic arrangements ,Media innovation ,Inovação no jornalismo ,Jornalismo digital ,Digital journalism ,Innovation in journalism ,Proyectos económicos periodísticos ,inovação midiática ,Digital native news media ,General Environmental Science - Abstract
This paper investigates 20 digital native news arrangements in Santa Catarina. The exploratory research aims to find elements on how these arrangements perceive themselves as innovative or not, and how this is strained by the ways in which these initiatives are financed. The results show that part of the researched arrangements can be considered innovative as they are settled down in news deserts and, therefore, supply an information shortage for local populations. On the other hand, economic weaknesses can limit and jeopardize the useful life of these organizations., El artículo investiga 20 proyectos periodísticos nativos digitales en Santa Catarina. La investigación exploratoria tiene como objetivo encontrar elementos sobre cómo los proyectos se perciben a sí mismos como innovadores o no, y cómo esto se ve afectado por las formas en que se financian estas iniciativas. Los resultados muestran que parte de los arreglos investigados pueden considerarse innovadores ya que están instalados en desiertos de noticias y, por lo tanto, proporcionan una escasez de información a las poblaciones locales. Por otro lado, las debilidades económicas pueden limitar y comprometer la vida útil de las organizaciones., O artigo investiga 20 arranjos jornalísticos nativos digitais de Santa Catarina. A pesquisa exploratória tem por objetivo a busca de elementos sobre como arranjos se percebem como inovadores ou não, e de que forma isso é tensionado pelas formas de financiamento dessas iniciativas. Os resultados apontam que parte dos arranjos pesquisados podem ser considerados inovadores à medida que estão instalados em desertos de notícia e, portanto, suprem uma carência informativa de populações locais. Por outro lado, fragilidades econômicas podem limitar e colocar em xeque a vida útil das organizações.
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- 2021
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37. Monetary policy and financial stability in Colombia
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Rodríguez Granobles, Henry and Junca Rodríguez, Gustavo Adolfo
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Estabilidad financiera ,DSGE model ,Financial stability ,Modelo DSGE ,Política monetaria ,Finanzas y comercio ,Financial crisis ,339 - Macroeconomía y temas relacionados [330 - Economía] ,Financial crises ,Crisis financiera ,Finance and trade ,Monetary policy ,Economic policy ,Política económica - Abstract
ilustraciones, gráficas, tablas A partir de la crisis financiera del año 2008 se hizo evidente que la estabilidad de precios es insuficiente para garantizar la estabilidad financiera. Progresivamente se fue introduciendo la regulación macroprudencial con el objetivo de suplir esta carencia. Sin embargo, la regulación no ha sido suficiente para eliminar el riesgo de una crisis. El presente documento es una revisión parcial para el caso colombiano, del artículo Monetary policy and credit cycles: A DSGE analysis (Badarau y Popescu, 2014). En él se hace un análisis ex post, en el que se simula una burbuja financiera, y su posterior explosión; todo esto, en un contexto en el que aún no se había implementado la regulación macroprudencial. Se utiliza un modelo de equilibrio general dinámico estocástico DSGE para simular todo el proceso. Para simular el crecimiento y la explosión de la burbuja, se utiliza un modelo de acelerador financiero tipo Bernanke. Uno de los objetivos del presente documento es analizar la viabilidad y la utilidad de introducir la razón de los créditos sobre el PIB, como indicador de acumulación de riesgo financiero; otro es determinar si la estabilidad financiera puede implementarse como un segundo objetivo explícito de política monetaria, adicional al objetivo de control de precios. Los resultados indican que, si la política monetaria incluyera el objetivo adicional de estabilidad financiera, tendría poco éxito, pues se produciría un trade off entre la estabilidad de precios y la estabilidad financiera. Todo esto bajo el supuesto de que el Banco Central solo tiene la tasa de interés como instrumento de política. En todo el proceso, se consideran dos líneas de acción del Banco Central: una en la que sigue una regla de política monetaria estricta, y otra, en la que la regla es acomodaticia. (Texto tomado de la fuente). Due to financial crisis of 2008, it became clear that price stability is insufficient to guarantee financial stability. Progressively, macroprudential regulation has been introduced with the aim of filling this gap. However, the regulation has not been enough to eliminate the risk of a crisis. This paper is a partial review for the Colombian case, of the article Monetary policy and credit cycles: a DSGE analysis (Badarau and Popescu, 2014). And in it an ex post analysis is made, which consists of simulating a financial bubble, and its subsequent explosion; all this, in a context in which macroprudential regulation had not been implemented yet. A DSGE dynamic stochastic general equilibrium model is used to simulate the entire process. To simulate the growth and bursting of the bubble, a Bernanke-type financial Accelerator model is used. One of the objetives of this analysis is to determine the viability and usefulness of introducing the ratio of credits to GDP, as an indicator of concentration of financial risk, and if financial stability can be implemented as a second explicit objective of monetary policy, in addition to the objective of controlled prices. The results indicate that, if monetary policy included the additional objective of financial stability, it would have little success, and there would be a trade off between price stability and financial stability. It is assumed that the Central Bank only has the interest rate as a policy instrument. Finally, throughout the process, two lines of action of the Central Bank were considered: one in which a strict monetary policy rule is followed, and the other, in which the rule is accommodative. Incluye anexos Maestría Magíster en Ciencias Económicas Desarrollo económico
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- 2021
38. Fed´s financial stability concerns and monetary policy
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Istrefi, Klodiana, Odendahl, Florens, and Sestieri, Giulia
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Estabilidad financiera ,Federal Reserve ,Monetary policy ,Reserva Federal ,Financial stability ,Communication ,Política monetaria ,legislación, organización y funciones [Bancos centrales] ,Comunicación - Abstract
Summary of Banco de España Working Paper no. 2110
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- 2021
39. Market Concentration and Income Diversification: Do They Always Promote the Financial Stability of Banking Industry?
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Muñoz-Mendoza, Jorge Andrés, Sepúlveda-Yelpo, Sandra María, Veloso-Ramos, Carmen Lissette, and Delgado-Fuentealba, Carlos Leandro
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Estabilidad financiera ,Financial stability ,Income diversification ,Concentración de mercado ,Diversificación de ingresos ,Market concentration ,Riesgo bancario ,Bank risk - Abstract
En este artículo se analizan los efectos de la concentración de mercado y diversificación de ingresos sobre la estabilidad financiera de la banca en el ámbito mundial. Usamos el estimador GMM de Arellano y Bover (1995) para una muestra de 206 países entre 1994 y 2015. Los resultados demuestran que la concentración de mercado y la diversificación de ingresos tienen un efecto positivo y no lineal sobre la estabilidad financiera; y negativo y no lineal sobre el riesgo. La no linealidad sugiere que sus efectos se reversan cuando la industria bancaria tiene una elevada concentración y diversificación, observándose una industria menos estable y más riesgosa. La no linealidad establece valores umbrales que son relevantes para el diseño óptimo de políticas financieras y estrategias bancarias. This paper analyzes the effects of market concentration and income diversification on the financial stability of the world banking system. It uses the GMM estimator proposed by Arellano and Bover (1995) to study 206 countries between 1994 and 2015. The results show that market concentration and income diversification have a positive and nonlinear effect on financial stability; and a negative and nonlinear effect on bank risk. The nonlinearity shape suggests that the effects are reversed when the banking industry has a higher market concentration and income diversification. In these cases, lower levels of stability and higher risks would characterize the banking industry. Nonlinearity establishes threshold values that are relevant for the empirical discussion oriented to an optimal design of financial policies and banking strategies.
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- 2020
40. Concentração bancária, concorrência e estabilidade financeira na Colômbia
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Torres, Alejandro and Castaño, Juan David
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financial crises ,estabilidade financeira ,crise financeira ,concentração bancária ,crisis financiera ,estabilidad financiera ,competencia bancaria ,concentración bancaria ,banking concentration ,banking competition ,financial stability ,Concorrência bancária - Abstract
El aumento reciente en los niveles de concentración y regulación de los sistemas financieros alrededor del mundo ha revivido el debate sobre la relación entre concentración bancaria, competencia y estabilidad financiera. En este trabajo se analiza la relación entre estas variables para el caso colombiano a partir del uso de diferentes indicadores de concentración y competencia relevantes en la literatura. Los resultados obtenidos confirman la existencia de un fuerte proceso de concentración del mercado bancario durante la última década, que ha estado acompañado a su vez de una disminución en el nivel de competencia entre los participantes. Sin embargo, este proceso no ha comprometido la estabilidad financiera. Pese a ello, se evidencia la existencia de una relación no lineal entre estas variables, que sugiere que no es recomendable continuar aumentando los niveles de concentración a futuro. The recent increase in concentration levels and the regulation of financial systems around the world has revived the debate on the relationship between banking concentration, market competition and financial stability. In this paper, we study the relationship between these variables for the recent Colombian case. Our results confirms the existence of a strong banking concentration process during the last decade, which has been accompanied in turn by a decrease in the level of competition among banks. However, this process has not compromised the stability of the banking system. On the contrary, it has been improved. Finally, we found a non-linear relationship between these variables, suggesting it is not recommended to increase the banking concentration levels in to the future.
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- 2020
41. Estimating Risk and Excessive Risk-Taking in Colombia's Commercial Banks.
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Toro, Diego Ramos
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FINANCIAL risk ,RISK-taking behavior ,BANKING industry ,ESTIMATION theory ,INVESTMENTS ,RATE of return - Abstract
Copyright of Desarrollo y Sociedad is the property of Universidad de los Andes and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Published
- 2012
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42. Level of leverage and business financial stability : case of firms from Colombia and Argentina
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John William Rosso Murillo, José Mauricio Gil León, and Juan Diego Ocampo Rodríguez
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Economics and Econometrics ,Leverage (finance) ,Insolvency ,capital structure ,Financial stability ,Capital structure ,estabilidade financeira ,Financial crisis ,crisis financiera ,coeficiente da alavancagem ,Financial system ,estructura decapital ,Level of leverage ,Estrutura de capital ,Financial instability ,Estabilidade financeira ,lcsh:Finance ,lcsh:HG1-9999 ,nivel de apalancamiento ,Emerging markets ,HB71-74 ,lcsh:HB71-74 ,financial crisis ,crise financeira ,estructura de capital ,lcsh:Economics as a science ,estrutura de capital ,level of leverage ,crisis fianciera ,Market liquidity ,Coeficiente da alavancagem ,Economics as a science ,HG1-9999 ,Crise financeira ,estabilidad financiera ,Business ,NIVEL DE APALANCAMIENTO ,Finance ,financial stability - Abstract
RESUMEN Este artículo busca explicar el efecto de la inestabilidad financiera en las firmas y su estructura de capital, en dos mercados emergentes: Colombia y Argentina. Para el análisis se construye un panel desbalanceado con 167 empresas, con datos trimestrales entre 2005 y 2015, y se realizan regresiones con el método de efectos aleatorios. Los resultados evidencian que el menor nivel de liquidez y las pérdidas durante dos o más trimestres consecutivos elevan el nivel de apalancamiento de las empresas; por tanto, síntomas de insolvencia financiera conducen a que las firmas se sobreendeuden y propaguen las condiciones que lleven a la aparición de una crisis financiera. JEL: G31, G01, C23. ABSTRACT This paper aims to explain the effect of financial instability on the capital structure of firms in two emerging markets: Colombia and Argentina. For the analysis, the study uses an unbalanced panel dataset with 167 companies, with quarterly data between 2005 and 2015, and regressions with the random-effects method. The results show that lower liquidity level and losses during two or more consecutive quarters increase the level of leverage in companies; therefore, signs of financial insolvency lead firms to become over-indebted and to reproduce the same conditions that lead to the emergence of a financial crisis. RESUMO Este artigo pretende explicar o efeito da instabilidade financeira nas firmas e sua estrutura de capital, em dois mercados emergentes: o da Colômbia e o da Argentina. Para a análise, constrói-se um painel desbalanceado com 167 empresas, com dados trimestrais entre 2005 e 2015, e realizam-se regressões com o método de efeitos aleatórios. Os resultados demonstram que o menor grau de liquidez e de perdas durante dois ou mais trimestres consecutivos elevam o coeficiente de alavancagem das empresas; portanto, sintomas de insolvência financeira conduzem as firmas a se sobre-endividarem e propagarem as condições que levam ao surgimento de uma crise financeira.
- Published
- 2018
43. Monetary policy positions in the face of economic fluctuations : a review of the theoretical evolution
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Gil-León, José Mauricio
- Subjects
Estabilidad financiera ,Reglas monetarias ,Monetary rules ,Interventionism ,Discrecionalidad ,Intervencionismo ,Discricionariedade ,Central bank ,Stability ,Banco central ,Regras monetárias ,Discretionality ,Estabilidade - Abstract
En este artículo se hace una exploración a las posturas de política monetaria desde diferentes corrientes de pensamiento económico, las cuales pueden ligarse al comportamiento de la estabilidad del ciclo económico y financiero. Por tanto, parte de la discusión tradicional entre no intervencionismo e intervencionismo; en la primera visión se encuentran los autores clásicos y neoclásicos, con la creencia de que el dinero solo tiene efecto sobre los precios,y dentro de la segunda, Keynes postula la necesidad de un activismo monetario. No obstante, la década de los años setenta marca el principio de la neutralidad del dinero, la que domina en las decisiones de política monetaria, para que luego, en los años noventa, sea aceptado el ciclo económico dentro de la regla de política. Finalmente, el texto analiza cómo con la crisis del 2008 sale a flote una postura de política no convencional, que se transforma en el marco de política para la recuperación económica y se abre el debate acerca del uso de una política macroprudencial por parte de los bancos centrales. This paper explores the monetary policy positions from different eco-nomic schools of thought, which can be linked to the stability behavior of the economic and financial cycle. As such, it is based on the traditional debate between non-interventionism and interventionism. Classic and Neo-Classic authors who believe that money only affects prices uphold the former view. In the latter, Keynes postulates the need for monetary activism. Nevertheless, the 1960s marked the beginning of monetary neutrality as the dominating principle in monetary policy decision-making, so that, later, in the 1990s, the economic cycle was accepted within the policy rule. Finally, the text analyses how, with the 2008 financial crisis, an unconventional policy position was brought forth that later became the policy framework for economic recuperation leading to a debate on the use of macroprudential policy by the central banks.
- Published
- 2015
44. POSTURAS DE POLÍTICA MONETÁRIA ANTE FLUTUAÇÕES DA ECONOMIA: UMA REVISÃO DA EVOLUÇÃO TEÓRICA
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GIL LEÓN, JOSÉ MAURICIO
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interventionism ,regras monetárias ,discretionality ,reglas monetarias ,Intervencionismo ,monetary rules ,estabilidad financiera ,discrecionalidad ,estabilidade ,stability ,banco central ,discricionariedade ,central bank - Abstract
En este artículo se hace una exploración a las posturas de política monetaria desde diferentes corrientes de pensamiento económico, las cuales pueden ligarse al comportamiento de la estabilidad del ciclo económico y financiero. Por tanto, parte de la discusión tradicional entre no intervencionismo e intervencionismo; en la primera visión se encuentran los autores clásicos y neoclásicos, con la creencia de que el dinero solo tiene efecto sobre los precios, y dentro de la segunda, Keynes postula la necesidad de un activismo monetario. No obstante, la década de los años setenta marca el principio de la neutralidad del dinero, la que domina en las decisiones de política monetaria, para que luego, en los años noventa, sea aceptado el ciclo económico dentro de la regla de política. Finalmente, el texto analiza cómo con la crisis del 2008 sale a flote una postura de política no convencional, que se transforma en el marco de política para la recuperación económica y se abre el debate acerca del uso de una política macroprudencial por parte de los bancos centrales. This paper explores the monetary policy positions from different economic schools of thought, which can be linked to the stability behavior of the economic and financial cycle. As such, it is based on the traditional debate between non-interventionism and interventionism. Classic and Neo-Classic authors who believe that money only affects prices uphold the former view. In the latter, Keynes postulates the need for monetary activism. Nevertheless, the 1960s marked the beginning of monetary neutrality as the dominating principle in monetary policy decision-making, so that, later, in the 1990s, the economic cycle was accepted within the policy rule. Finally, the text analyses how, with the 2008 financial crisis, an unconventional policy position was brought forth that later became the policy framework for economic recuperation leading to a debate on the use of macroprudential policy by the central banks. Neste artigo, faz-se uma exploração às posturas de política monetária a partir de diferentes correntes de pensamento econômico, as quais podem estar relacionadas com o comportamento da estabilidade do ciclo econômico e financeiro. Portanto, parte da discussão tradicional entre não intervencionismo e intervencionismo; na primeira visão, encontram-se os autores clássicos e neoclássicos, com a crença de que o dinheiro somente tem efeito sobre os preços; dentro da segunda, Keynes prevê a necessidade de um ativismo monetário. Contudo, a década de 1970 marca o princípio da neutralidade do dinheiro, a que domina nas decisões de política monetária, para que, em seguida, nos anos 1990, seja aceito o ciclo econômico dentro da regra de política. Finalmente, o texto analisa como a crise de 2008 faz com que venha à tona uma postura de política não convencional, que se transforma no referencial de política para a recuperação econômica e abre-se o debate sobre o uso de uma política macroprudencial por parte dos bancos centrais.
- Published
- 2015
45. Modelos de equilibrio general dinámico y estocástico para la economía colombiana: una primera discusión sobre la aplicación del modelo de estabilidad financiera bajo el esquema PATACON del Banco de la República
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Riascos Carabal, Oivar Steven
- Subjects
Estabilidad financiera ,Publicaciones en serie generales ,Modelos de equilibrio general dinámico ,Banco de la República ,Modelación económica - Abstract
La amplia discusión sobre la aplicación por parte de los bancos centrales de modelos DSGE a la horade implementar políticas, constituye una parte muy interesante del muchas veces desconocido debate sobre “cómo se debe hacer economía”. Por ello, el objetivo de este ensayo es aproximarse a la discusión evaluando la aplicabilidad de este tipo de modelos a la economía colombiana; más precisamente al uso del modelo de equilibrio general dinámico y estocástico propuesto por Leao y Leao (2007) adaptado a Colombia, siguiendo el esquema PATACON del Banco de la República para analizar la estabilidad financiera. La discusión se abre basándose en la postura de autores como Hausman (2007) Hoover et al. (2008),Spanos (2009) y Juselius (2010), quienes tienen enfoques alternativos de cómo aproximarse a la realidad mediante la modelación económica, para analizar la estructura de este modelo y el modo en que se aplica en la formulación de políticas. Para ello se analiza, como primer punto, los supuestos que asienta el modelo, seguido de sus implicaciones, para así finalmente llegar a una conclusión sobre la pertinencia de este tipo de modelos en la realidad colombiana.
- Published
- 2015
- Full Text
- View/download PDF
46. Ciclo crediticio y acelerador cambiario: evidencia emṕırica y consecuencias para la regulación prudencial
- Author
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Renzo Jiménez Sotelo
- Subjects
Ciclo Crediticio ,ciclo crediticio, modelos con datos de panel, dolarización, estabilidad financiera, riesgo cambiario, regulación financiera ,lcsh:HB71-74 ,jel:C23 ,jel:E32 ,lcsh:Economics as a science ,modelos con datos de panel ,General Medicine ,Riesgo Cambiario ,purl.org/pe-repo/ocde/ford#5.02.01 [https] ,Modelos Con Datos de Panel ,jel:G21 ,lcsh:HD72-88 ,Economía ,ciclo crediticio ,lcsh:Economic growth, development, planning ,lcsh:Economic history and conditions ,riesgo cambiario ,Dolarización ,Regulación Financiera ,lcsh:HC10-1085 ,estabilidad financiera ,dolarización ,regulación financiera ,Estabilidad Financiera - Abstract
This paper highlights the amplifier mechanism that has the evolution of exchange rate on the credit cycle in an economy with high financial dollarization, one mechanism that has been called «the exchange rate accelerator». In this scenario, the natural procyclicality between the business cycle and credit cycle goes into the background, but perhaps not fade. The paper develops the theoretical framework underlying the transmission mechanism and shows some stylized facts of Peruvian credit system. The following presents an econometric model with panel data to estimate the effect of exchange rate accelerator on the evolution of credit default in the credit system institutions. From these empirical results, and under Basel II philosophy, the paper discusses how to implement, in banks and other credit institutions, prudential regulation that requires the allocation of provisions and capital for credit risk arising from exchange rate risk caused by foreign currency loans. The basic idea of these measures would help the system to internalize the externalities produced by this non-diversifiable risk factor. En este trabajo se pone en evidencia el mecanismo amplificador que tiene la evolución del tipo de cambio sobre el ciclo crediticio en una economía con alta dolarización financiera, un mecanismo que se puede denominar «acelerador cambiario». En este contexto, la natural prociclicidad entre el ciclo económico y el ciclo crediticio pasa a un segundo plano, si es que no se desvanece. El documento desarrolla el marco teórico que sustenta el mecanismo de transmisión y muestra algunos hechos estilizados del sistema crediticio peruano. A continuación se plantea un modelo econométrico con datos de panel para estimar el efecto del acelerador cambiario sobre la evolución de la mora crediticia en las entidades del sistema. A partir de estos resultados empíricos, y bajo la filosofía de Basilea II, se discute la forma de implementar, en los bancos y demás entidades de crédito, una regulación prudencial que requiera la asignación de provisiones y de capital para el riesgo crediticio derivado del riesgo cambiario originado por los créditos en moneda extranjera. La idea básica es promover la internalización de las externalidades producidas por este factor de riesgo no diversificable.
47. Fragilidad Bancaria en Colombia: Un Análisis Basado en las Hojas de Balance
- Author
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Lozano, Ignacio and Guarín, Alexander
- Subjects
Estabilidad financiera ,Financial stability ,Ciclo del crédito ,Hoja de balance ,Promedio Bayesiano de modelos ,Balance sheet ,Logistic model regression ,Bayesian model averaging ,Modelo de regresión logística ,Credit cycle - Abstract
In this paper, we study the empirical relationship between credit funding sources and the financial vulnerability of the Colombian banking system. We propose a statistical model to measure and predict banking fragility episodes associated with credit funding sources classified into retail deposits and wholesale funds. We compute the probability of financial fragility for both the aggregated banking system and the individual banks. Our approach performs a Bayesian averaging of estimated logit regression models with monthly balance sheet data between 1996 and 2013. The results show the increasing use of wholesale funding to support credit expansion is a potential source of financial fragility. Therefore, monitoring credit funding sources could provide an additional tool to warn against banking disruptions. En este documento se estudia la relación empírica entre las fuentes de fondeo del crédito y la vulnerabilidad financiera del Sistema Bancario Colombiano. El trabajo propone la estimación Bayesiana de modelos de regresión logística para identificar y predecir episodios de fragilidad bancaria asociados con las fuentes tradicionales y no tradicionales de fondeo, que utilizan los bancos para proveer crédito. En particular, el ejercicio estima la probabilidad de que se presenten eventos de fragilidad tanto para el sistema bancario agregado como para los bancos individuales con datos mensuales de las hojas de balance para el periodo 1996-2013. Los resultados muestran que el creciente uso de los recursos no tradicionales para fondear el crédito, especialmente en sus fases de expansión, son fuente potencial de fragilidad financiera. Por consiguiente, el monitoreo a dichos recursos, a través de la técnica propuesta, proporciona una herramienta para detectar esos eventos.
- Published
- 2014
48. Perfil de riiesgo de las cooperativas de crédito españolas: implicaciones en el coste del seguro de depósito
- Author
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Antonio Partal Ureña and Pilar Gómez Fernández-Aguado
- Subjects
Estabilidad financiera ,Deposit guarantee systems ,Economics and Econometrics ,Financial stability ,Economía financiera ,financiación ajustada al riesgo ,Bancos y cajas ,Cooperativas ,cooperative banking ,disciplina de mercado ,Sistemas de garantía de depósitos ,market discipline ,banca cooperativa ,Social Sciences (miscellaneous) ,Risk-adjusted funding - Abstract
La reforma propuesta por la Comisión Europea en julio de 2010, modificando el procedimiento para fijar las aportaciones que deben realizar las entidades de crédito a los sistemas de garantía de depósitos en función de su nivel de riesgo, supondrá cambios sustanciales en las cuotas que pagan actualmente. Este trabajo analiza el perfil de riesgo de las cooperativas españolas durante el período 2007-2010 y cuantifica su efecto sobre las contribuciones al Fondo de Garantía de Depósitos de Entidades de Crédito (FGDEC) aplicando la metodología desarrollada por la Comisión. El estudio concluye con importantes evidencias sobre la evolución del perfil de riesgo del sector durante un periodo de recesión económica y el impacto de esta reforma, valorado a través del número de entidades que aumentarían su aportación y las variaciones en el coste del seguro respecto al sistema vigente. The reform proposed by the European Commission in July 2010, modifying the procedure for determining the contributions which the banks must make to the deposit guarantee systems according to their level of risk will imply substantial changes in the fees currently paid. This paper analyzes the risk profile of Spanish cooperatives during 2007-2010 and quantifies their effect on contributions to the Deposit Guarantee Fund for Credit Institutions (FGDEC) using the methodology proposed by the Commission. The study concludes with important evidence about the evolution of the risk profile of the sector in a period of economic recession and the impact of this reform, measured by means of the number of entities that would increase their input and variations in the cost of insurance in relation to the current system.
- Published
- 2013
49. Flujos de capital y fragilidad financiera en Colombia
- Author
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Gómez-González, José Eduardo, Silva, Luisa, Restrepo, Sergio, and Salazar, Mauricio
- Subjects
Capital flows ,modelos VAR ,VAR models ,estabilidad financiera ,Flujos de capital ,financial stability - Abstract
En este trabajo se estudian las interrelaciones existentes entre flujos de capital y estabilidad financiera en Colombia, en el período comprendido entre los años 1995 y 2011 con datos trimestrales. Se utilizan modelos VAR cointegrados en niveles, por medio de los cuales 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. In this paper we study the interrelation between capital flows and financial stability in Colombia between 1995 and 2011 using quarterly data. Using level cointegrated VAR models it is found that even though it does not seem to exist a significant direct correlation between capital flows and financial stability, there is an indirect relationship between these two variables mediated by the ratio loans/GDP.
- Published
- 2012
50. Tensions in the Implementation of Central Banks’ Policies in the Pursuit of Economic Development
- Author
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Guzmán, Martín and Gluzmann, Pablo Alfredo
- Subjects
Estabilidad financiera ,purl.org/becyt/ford/5 [https] ,Financial stability ,Política monetaria ,Economía y Negocios ,Development ,Economía, Econometría ,CIENCIAS SOCIALES ,Monetary policy ,Ciencias Económicas ,Regulación financiera ,purl.org/becyt/ford/5.2 [https] ,Desarrollo ,Financial regulation - Abstract
En este trabajo apuntamos a ofrecer una explicación de cómo la acción de los bancos centrales mediante la implementación de tipos particulares de política monetaria y de regulación financiera influye en los procesos de desarrollo económico mediante sus efectos sobre la estabilidad macroeconómica. Nuestra atención está dirigida al análisis de aspectos específicos de dos líneas de acción. Por un lado, estudiamos las tensiones que se presentan con la definición de funciones de reacción de la política monetaria. Por otro lado, analizamos las tensiones asociadas a la ejecución de las políticas de regulación financiera macro-prudencial, poniendo hincapié en entender cómo la capacidad del regulador para interpretar riesgos es un determinante de la estabilidad financiera. El análisis realizado no se restringe al caso argentino actual. Su aplicabilidad pretende ser general, aunque el tipo de tensiones analizadas no se aplican a todas las economías en todo momento, sino que se centra en aquellas economías en las que la función de reacción de la política monetaria incluye a la tasa de interés como variable de elección, y a aquellas economías que se encuentran viviendo cambios intensos en la configuración del sistema financiero., This paper provides an explanation of how the implementation of particular types of monetary policy and financial regulation affects economic development through its effects on macroeconomic stability. Firstly, we focus on the problems associated to the definition of reaction functions for the execution of monetary policy. Secondly, we analyze the problems involved in the design and implementation of macro-prudential regulatory policies, emphasizing how the ability of the regulator to interpret financial risks is a determinant of financial stability. Our analysis is not restricted to the case of Argentina. Instead, its applicability extends to all those economies in which the instrument of monetary policy is the interest rate and to those that are experiencing intense transformations in the configuration of their financial system., Centro de Estudios Distributivos, Laborales y Sociales, Facultad de Ciencias Económicas
- Published
- 2012
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