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

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dc.audiencePolicymakerseng
dc.audienceResearcherseng
dc.audienceStudentseng
dc.audienceTeacherseng
dc.coverage.sucursalBogotáeng
dc.creatorQuicazán-Moreno, Carlos Andréseng
dc.creatorFernández-Moreno, Diana Lucíaeng
dc.creatorEstrada, Dairo Ayibereng
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 República de Colombiaeng
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.accessRightsOpen Accesseng
dc.rights.ccAtribucion-NoComercial-CompartirIgual CC BY-NC-SA 4.0eng
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.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; Hipotecaseng
dc.subject.jelspaO12 - Análisis microeconómico del desarrollo económicoeng
dc.subject.jelspaO16 - Mercados financieros; Ahorro e inversión de capital; Gobierno y financiación de la empresaspa
dc.subject.lembCrédito -- Colombia -- 2000-2010eng
dc.subject.lembProducto interno bruto -- Colombia -- 2000-2010eng
dc.subject.lembEconometría -- Colombia -- 2000-2010eng
dc.subject.lembIndicadores financieros -- Colombia -- 2000-2010eng
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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