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dc.creatorQuicazán-Moreno, Carlos Andrés
dc.creatorFernández-Moreno, Diana Lucía
dc.creatorEstrada, Dairo Ayiber
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.
dc.format.extent25 páginas : gráficas, tablas
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. 67
dc.rights.accessRightsOpen Access
dc.subjectProfundización financiera
dc.subjectAuge de préstamos
dc.subjectDesarrollo microeconómico
dc.subjectDeterminantes macroeconómicos
dc.subjectCrecimiento empresarial
dc.titleCredit determinants and their impact on firm’s growth in Colombia
dc.typeWorking Paper
dc.subject.jelG21 - Banks; Depository Institutions; Micro Finance Institutions; Mortgages
dc.subject.jelO12 - Microeconomic Analyses of Economic Development
dc.subject.jelO16 - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
dc.subject.lembCrédito -- Colombia -- 2000-2010
dc.subject.lembProducto interno bruto -- Colombia -- 2000-2010
dc.subject.lembEconometría -- Colombia -- 2000-2010
dc.subject.lembIndicadores financieros -- Colombia -- 2000-2010
dc.type.spaDocumentos de trabajo
dc.rights.spaAcceso abierto
dc.rights.ccAtribucion-NoComercial-CompartirIgual CC BY-NC-SA 4.0
dc.subject.jelspaG21 - Bancos; Instituciones de depósito; Instituciones Microfinancieras; Hipotecas
dc.subject.jelspaO12 - Análisis microeconómico del desarrollo económico
dc.subject.jelspaO16 - Mercados financieros; Ahorro e inversión de capital; Gobierno y financiación de la empresa
dc.type.hasversionPublished Version
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.
dc.source.bibliographicCitationLevine, R., N. Loayza, and T. Beck. (2000), `financial intermediation and growth: Causality and causes', Journal of Monetary Economics (No 46).
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).
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.

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