Show simple item record

dc.creatorGómez-González, Esteban
dc.creatorRozo, Sandra
dc.date.created2007-09-01
dc.date.issued2007-09
dc.identifier.urihttp://repositorio.banrep.gov.co/handle/20.500.12134/2138
dc.descriptionSe hace uso de información sobre crédito, inversión y precios de los activos financieros más relevantes con el objetivo de construir indicadores de alerta temprana, para el estudio de la estabilidad financiera.
dc.description.abstractAsset price bubbles are amongst the most talked-about yet misunderstood topics in economics. Theoretical researchers debate between rational, nonrational or even non-existent bubbles, while empiricists tackle the issue with state-of-the-art econometric tools yielding mixed results. A bubble is usually defined as the component of asset prices that cannot be accounted for by fundamentals1. A rational bubble arises when agents are willing to pay a higher price than the \fundamental price" because they believe that they can sell the asset at an even higher price in the future (Gurkaynak (2005)). A nonrational bubble is defined as a rapid upward price movement, based on exaggerated beliefs about future outcomes (e.g. company earnings or the impact of a new technology), followed by a collapse (Meltzer (2003)).
dc.format.extent15 páginas : gráficas, tablas
dc.format.mimetypePDF
dc.language.isospa
dc.publisherBanco de la República de Colombia
dc.relation.ispartofDocumentos de Trabajo
dc.relation.ispartofseriesTemas de Estabilidad Financiera
dc.relation.isversionofTemas de Estabilidad Financiera ; No. 27
dc.rights.accessRightsOpen Access
dc.rights.urihttps://creativecommons.org/licenses/by-nc-sa/4.0/
dc.subjectIndicadores de alerta temprana
dc.subjectEstabilidad
dc.subjectIndicadores
dc.subjectColombia
dc.titlePrecios de activos e indicadores de alerta temprana
dc.title.alternativeBeyond bubbles : the role of asset prices in early-warning indicators
dc.typeWorking Paper
dc.subject.jelE61 - Policy Objectives; Policy Designs and Consistency; Policy Coordination
dc.subject.jelE52 - Monetary Policy
dc.subject.jelG00 - Financial Economics: General
dc.audiencePolicymakers
dc.audienceResearchers
dc.audienceStudents
dc.audienceTeachers
dc.subject.keywordEarly warning indicators
dc.subject.keywordStability
dc.subject.keywordIndicators
dc.subject.keywordColombia
dc.subject.lembIndicadores económicos -- Colombia
dc.subject.lembBurbujas (Economía) -- Colombia
dc.subject.lembEstabilidad financiera -- Colombia
dc.type.spaDocumentos de trabajo
dc.rights.spaAcceso abierto
dc.rights.ccAtribucion-NoComercial-CompartirIgual CC BY-NC-SA 4.0
dc.subject.jelspaE61 - Objetivos de política económica; Diseño y coherencia de las políticas; Coordinación de políticas
dc.subject.jelspaE52 - Política monetaria
dc.subject.jelspaG00 - Economía financiera: Generalidades
dc.type.hasversionPublished Version
dc.coverage.sucursalBogotá
dc.source.bibliographicCitationBorio, C.; Lowe, P. (2002) “Asset Prices, Financial and Monetary Stability: Exploring the Nexus”, documento presentado en la conferencia del BIS Changes in Risk Through Time: Measurement and Policy Options, BIS working papers, núm. 114, julio, Basel.
dc.source.bibliographicCitationFriedman, M. (2003) “Comments on Implications of Bubbles for Monetary Policy”, C. Hunter, G. Kaufman y M. Pomerleano (eds.), Asset Price Bubbles: The Implications for Monetary, Regulatory and International Policies, Cambridge (MA), MIT Press, pp. 459-463.
dc.source.bibliographicCitationMeltzer, A. H. (2003) “Rational and Non-rational Bubbles”, C. Hunter, G. Kaufman and M. Pomerleano (eds.), Asset Price Bubbles: The Implications for Monetary, Regulatory and International Policies, Cambridge (MA), MIT Press, pp. 23-33.
dc.relation.doihttp://doi.org/10.32468/tef.27
dc.rights.disclaimerLas opiniones contenidas en el presente documento son responsabilidad exclusiva de los autores y no comprometen al Banco de la República ni a su Junta Directiva.
dc.relation.numbertef 27
dc.relation.repechttps://ideas.repec.org/p/bdr/temest/027.html
dc.identifier.handlehttp://hdl.handle.net/20.500.12134/2138


Files in this item

Thumbnail
Thumbnail

This item appears in the following Collection(s)

Show simple item record

This work is licensed under a Creative Commons Reconocimiento-NoComercial 4.0.This document has been deposited by the author (s) under the following certificate of deposit