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Credit determinants and their impact on firm’s growth in Colombia

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dc.audiencePolicymakerseng
dc.audienceResearcherseng
dc.audienceTeacherseng
dc.audienceStudentseng
dc.coverage.sucursalBogotáspa
dc.creatorQuicazán-Moreno, Carlos Andrés
dc.creatorFernández-Moreno, Diana Lucía
dc.creatorEstrada, Dairo Ayiber
dc.date.accessioned2012-05-01T08:30:10Zeng
dc.date.available2015-12-06T08:30:10Zeng
dc.date.available2015-12-14T08:30:10Zeng
dc.date.available2017-10-24T08:30:10Zeng
dc.date.created2012-05-01eng
dc.date.issued2012-05eng
dc.description.abstractIn recent years, credit growth has been accelerated recording higher levels of credit as a percentage of GDP, compared to previous years in some countries of Latin America. In Colombia, credit to GDP indicator had increased almost 10 percentage points in the last five years. For this reason, it is interesting to study the behavior in Colombia analyzing credit boom episodes, and the possible impacts on the economy. This paper provides an econometric analysis of economic determinants of credit portfolio as a percentage of GDP, in order to hand the level of this indicator which is supported by its determinants. We found that interbank rate, National-debt-to-GDP, Household-consumption-to-GDP and the level of investment-to-GDP are the main determinants of credit portfolio-to-GDP. On the other hand, we determine the level of commercial credit-to-GDP that is consistent with its determinants. Then we evaluated how this indicator of financial deepening affects firm’s growth rate in Colombia. The results suggest in Colombia the portfolio to GDP ratio is not significantly above from its consistent level at ends to 2011. It was also found the effect of financial deepening in business growth is positive and quite significant. Also as expected the effect of being in debt depends heavily on the sector to which the firm belongs. In general being in debt increased the firm´s rate growth and brings an externality that affects not indebted firms. This open the debate if macro prudential measures that affect all types of portfolio are more damaging than those that specialized.eng
dc.format.extent25 páginas : gráficas, tablaseng
dc.format.mimetypePDFeng
dc.identifier.handlehttps://hdl.handle.net/20.500.12134/2054spa
dc.identifier.urihttps://repositorio.banrep.gov.co/handle/20.500.12134/2054eng
dc.language.isoengeng
dc.publisherBanco de la Repúblicaspa
dc.relation.doihttps://doi.org/10.32468/tef.67spa
dc.relation.ispartofDocumentos de Trabajoeng
dc.relation.ispartofseriesTemas de Estabilidad Financieraeng
dc.relation.isversionofTemas de Estabilidad Financiera ; No. 67eng
dc.relation.numbertef 67eng
dc.relation.repechttps://ideas.repec.org/p/bdr/temest/067.htmlspa
dc.rights.HabeasDatos personales: El(los) autor(es) ha(n) incluido sus datos personales (nombres, correo electrónico, filiación académica, perfil académico, entre otros) en el Portal de Investigaciones o la obra remitida para publicación, y por consiguiente, manifiesta(n) que mediante el diligenciamiento y registro de sus datos personales autoriza(n) al Banco de la República el tratamiento (recolección, almacenamiento, uso, circulación o supresión) de todos los datos suministrados con la finalidad de adelantar la publicación de la obra en el Portal de Investigaciones, dar a conocer su perfil académico y medios de contacto para fines académicos y divulgativos, así como para la construcción de indicadores y estadísticas para el seguimiento y control de las actividades de divulgación del Portal de Investigaciones. Para tal fin, se informa que el tratamiento de los datos personales se realizará de acuerdo con las políticas o lineamientos generales disponibles en http://www.banrep.gov.co/proteccion-datos-personales, en la sección “Protección de Datos Personales - Habeas Data”.spa
dc.rights.ObjetoObjeto de publicación: La obra de mí (nuestra) autoría tiene por objeto ser publicada en el Portal de Investigaciones del Banco de la República e incluirla en el repositorio institucional de esa misma entidad. La obra podrá consistir en documento escrito, audiovisual, audio, gráfico, fotográfico, infográfico, podcasts, etc., y podrá estar en cualquier formato conocido o por conocerse.spa
dc.rights.accessRightsOpen Accesseng
dc.rights.ccAtribucion-NoComercial-CompartirIgual CC BY-NC-SA 4.0eng
dc.rights.disclaimerThe opinions contained in this document are the sole responsibility of the author and do not commit Banco de la República or its Board of Directors.eng
dc.rights.spaAcceso abiertospa
dc.rights.urihttps://creativecommons.org/licenses/by-nc-sa/4.0/eng
dc.source.bibliographicCitationEslava, M., Galindo, A. Hofstetter, M. and Izquierdo, A. (2010), `Scarring recessions and credit constraints: Evidence from Colombian firm dynamics', Documentos CEDE No. 27.eng
dc.source.bibliographicCitationLevine, R., N. Loayza, and T. Beck. (2000), `financial intermediation and growth: Causality and causes', Journal of Monetary Economics (No 46).eng
dc.source.bibliographicCitationT. Beck, A. Dermigüç-Kunt, L. Leaven and R. Levine (2008), `Finance. Firm size, and growth', Journal of Money, Credit and Banking (Vol 40).eng
dc.source.handleRepecRePEc:bdr:temest:067spa
dc.subjectProfundización financieraeng
dc.subjectAuge de préstamoseng
dc.subjectDesarrollo microeconómicoeng
dc.subjectDeterminantes macroeconómicoseng
dc.subjectCrecimiento empresarialeng
dc.subject.jelG21 - Banks; Depository Institutions; Micro Finance Institutions; Mortgageseng
dc.subject.jelO12 - Microeconomic Analyses of Economic Developmenteng
dc.subject.jelO16 - Financial Markets; Saving and Capital Investment; Corporate Finance and Governanceeng
dc.subject.jelspaG21 - Bancos; Instituciones de depósito; Instituciones Microfinancieras; Hipotecasspa
dc.subject.jelspaO12 - Análisis microeconómico del desarrollo económicospa
dc.subject.jelspaO16 - Mercados financieros; Ahorro e inversión de capital; Gobierno y financiación de la empresaspa
dc.subject.lembCrédito -- Colombia -- 2000-2010spa
dc.subject.lembProducto interno bruto -- Colombia -- 2000-2010spa
dc.subject.lembEconometría -- Colombia -- 2000-2010spa
dc.subject.lembIndicadores financieros -- Colombia -- 2000-2010spa
dc.titleCredit determinants and their impact on firm’s growth in Colombiaeng
dc.typeWorking Papereng
dc.type.hasversionPublished Versioneng
dc.type.spaDocumentos de trabajoeng

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