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dc.creatorTorres, Alejandro
dc.creatorRhenals, Remberto
dc.creatorGómez, Wilman
dc.date.created2010-08-01
dc.date.issued2010-08
dc.identifier.urihttp://repositorio.banrep.gov.co/handle/20.500.12134/6413
dc.descriptionThe current global financial crisis, which unfolded in the US during 2008, has put the importance of the financial system in the economy, the potential economic policies available to support it and their short and long term implications back into the academic and political debate. This article explores the possible effects of the Lender of Last Resort Policy of central banks on the process of overcoming financial crises and its implications in terms of growth. To this end, we used a customized Dynamic General Equilibrium Model which explicitly includes the financial system and the Liquidity Support policy of the central bank. The simulations have shown that this type of policy facilitates overcoming financial crises in less time, but that they also delay the economy’s readjustment in the long term and increase its volatility.
dc.description.abstractThe current global financial crisis, which unfolded in the US during 2008, has put the importance of the financial system in the economy, the potential economic policies available to support it and their short and long term implications back into the academic and political debate. This article explores the possible effects of the Lender of Last Resort Policy of central banks on the process of overcoming financial crises and its implications in terms of growth. To this end, we used a customized Dynamic General Equilibrium Model which explicitly includes the financial system and the Liquidity Support policy of the central bank. The simulations have shown that this type of policy facilitates overcoming financial crises in less time, but that they also delay the economy’s readjustment in the long term and increase its volatility.
dc.format.extent35 páginas : gráficas, tablas
dc.format.mimetypePDF
dc.language.isospa
dc.publisherBanco de la República de Colombia
dc.relation.ispartofArtículos de revista
dc.relation.ispartofseriesRevista Ensayos Sobre Política Económica
dc.relation.isversionofRevista Ensayos Sobre Política Económica; Vol. 28. No. 61. Agosto, 2010. Pág.: 272-306.
dc.rights.accessRightsOpen Access
dc.rights.urihttps://creativecommons.org/licenses/by-nc-sa/4.0/
dc.subjectSistema financiero
dc.subjectCrisis económica
dc.subjectPrestamista de última instancia
dc.subjectPolítica económica
dc.titleCrisis financieras y efectividad de la política de prestamista de última instancia : un modelo de equilibrio general dinámico para el caso colombiano
dc.title.alternativeFinancial crises and effectiveness of the lender of last resort policy : a dynamic general equilibrium model for the colombian case
dc.typeArticle
dc.subject.jelE42 - Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems
dc.subject.jelE52 - Monetary Policy
dc.subject.jelE58 - Central Banks and Their Policies
dc.audiencePolicymakers
dc.audienceResearchers
dc.audienceStudents
dc.audienceTeachers
dc.subject.keywordFinancial system
dc.subject.keywordEconomic crisis
dc.subject.keywordLender of last resort
dc.subject.keywordEconomic policy
dc.subject.lembSistema financiero -- Colombia
dc.subject.lembPrestamista en última instancia -- Colombia
dc.subject.lembCrisis económica -- Colombia
dc.subject.lembColombia -- Política económica
dc.type.spaArtículo
dc.rights.spaAcceso abierto
dc.rights.ccAtribucion-NoComercial-CompartirIgual CC BY-NC-SA 4.0
dc.subject.jelspaE42 - Sistemas monetarios; Patrones; Regímenes; Gobierno y sistema monetario; Sistemas de pago
dc.subject.jelspaE52 - Política monetaria
dc.subject.jelspaE58 - Bancos centrales y sus políticas
dc.type.hasversionPublished Version
dc.coverage.sucursalBogotá
dc.relation.issn0120-4483
dc.source.bibliographicCitationAmieva, J.; Urriza B. “Crisis bancarias: causas, costos, duración, efectos y opciones de política”, Serie Política Fiscal, no. 108, CEPAL, 2000.
dc.source.bibliographicCitationArias, A. F. “The Colombian Banking Crisis: Macroeconomic Consequences and What to Expect”, Borradores de Economía, no. 157, Bogotá, Banco de la República de Colombia, 2000.
dc.source.bibliographicCitationBernanke, B.; Blinder, A. “Banking and Macroeconomic Equilibrium”, en W. Barnett y K. Singleton (Eds.), New Approaches to Monetary Economics, Cambridge, Cambridge University Press, 1987.
dc.relation.doihttp://doi.org/10.32468/Espe.6107
dc.relation.repechttps://ideas.repec.org/a/bdr/ensayo/v28y2010i61p272-306.html
dc.relation.dotechttps://ideas.repec.org/a/col/000107/008325.html
dc.identifier.handlehttp://hdl.handle.net/20.500.12134/6413


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