Sectores económicos y el canal de toma de riesgo de la política monetaria

  • Martha López Piñeros Banco de la Republica
Palabras clave: Política monetaria, riesgo de crédito, oferta de crédito, capital bancario, estabilidad financiera

Resumen

Este documento contribuye a la literatura empírica del canal de toma de riesgo de la política monetaria y amplia su rango de análisis en términos de estudiar cuales sectores económicos son más vulnerables ante éste. Utilizamos microdatos a nivel de crédito para 3019 firmas colombianas en el período 2005:1 y 2014:3. Nuestros resultados muestran evidencia fuerte del canal para la economía como un todo y efectos más importantes en los sectores de agricultura y servicios para las firmas que son riesgosas ex ante. Estos resultados también tienen soporte para riesgo de crédito ex post. Las firmas que se encuentran más afectadas son las menos rentables y las menos apalancadas.

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Publicado
2020-06-19