Economic sectors and the risk-taking channel of monetary policy

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dc.audiencePolicymakerseng
dc.audienceResearcherseng
dc.audienceStudentseng
dc.audienceTeacherseng
dc.coverage.sucursalBogotáspa
dc.creatorLópez-Piñeros, Martha Rosalba
dc.creator.firmaMartha López
dc.date.accessioned2017-11-29T08:30:10Zeng
dc.date.available2017-11-29T08:30:10Zspa
dc.date.created2017-11-29spa
dc.date.issued2017-11-29eng
dc.description.abstractThe recent financial crises brought about a new string of theoretical and empirical studies about the so-called risk-taking channel of monetary policy. There is strong empirical evidence of the channel in terms of local and in terms of the international spillovers of the mechanism. In this paper we contribute to this empirical literature and enhance the range of the analysis by studying which economic sectors are more vulnerable to the channel. We use loan level micro-data for 3019 Colombian firms between 2005:1 and 2014:3. The identification technique used for our estimations is the one developed in Jimenez et al. (2014). Our results show strong evidence of a risk-taking channel for the economy as a whole and a stronger effect in the agriculture and services sectors than in the others. This results are supported in terms not only of ex ante credit risk but also in terms of ex post credit risk. The firms more affected are the less profitable and the less leveraged.eng
dc.format.extent26 páginas : gráficas, tablasspa
dc.format.mimetypePDFspa
dc.identifier.handlehttps://hdl.handle.net/20.500.12134/6342spa
dc.identifier.urihttps://repositorio.banrep.gov.co/handle/20.500.12134/6342eng
dc.language.isoengeng
dc.publisherBanco de la República de Colombiaspa
dc.relation.doihttps://doi.org/10.32468/be.1029spa
dc.relation.ispartofDocumentos de trabajospa
dc.relation.ispartofseriesBorradores de Economíaspa
dc.relation.isversionofBorradores de Economía; No. 1029spa
dc.relation.numberBorrador 1029spa
dc.relation.repechttps://ideas.repec.org/p/bdr/borrec/1029.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.spa
dc.rights.spaAcceso abiertospa
dc.rights.urihttps://creativecommons.org/licenses/by-nc-sa/4.0/eng
dc.source.bibliographicCitationAdrian, T. and Shin, H. (2010). Financial Intermediaries and Monetary Economics. 3:601-650.eng
dc.source.bibliographicCitationAltunbas, Y., Gambacorta, L., and Marques-Ibanez, D. (2014). Does Monetary Policy Affect Bank Risk? International Journal of Central Banking, 10(1):95-136.eng
dc.source.bibliographicCitationApel, M. and Claussen, C. A. (2012). Monetary Policy, Interest Rates and Risk-Taking. Sveriges Riskbank Economic Review, 467(2):68-83.eng
dc.source.handleRepecRePEc:bdr:borrec:1029spa
dc.subjectPolítica monetariaspa
dc.subjectRiesgo crediticiospa
dc.subjectSuministro de créditospa
dc.subjectCapital bancariospa
dc.subjectEstabilidad financieraspa
dc.subject.jelE52 - Monetary Policyeng
dc.subject.jelE44 - Financial Markets and the Macroeconomyeng
dc.subject.jelE51 - Money Supply; Credit; Money Multiplierseng
dc.subject.jelG10 - General Financial Markets: Generaleng
dc.subject.jelG20 - Financial Institutions and Services: Generaleng
dc.subject.jelspaG10 - Mercados financieros en general: Generalidadesspa
dc.subject.jelspaE44 - Mercados financieros y macroeconomíaspa
dc.subject.jelspaE51 - Oferta monetaria; Crédito; Multiplicadores monetariosspa
dc.subject.jelspaE52 - Política monetariaspa
dc.subject.jelspaG20 - Instituciones y servicios financieros: Generalidadesspa
dc.subject.keywordMonetary policyeng
dc.subject.keywordCredit riskeng
dc.subject.keywordSupply of crediteng
dc.subject.keywordBank capitaleng
dc.subject.keywordFinancial stabilityeng
dc.subject.lembCrédito -- Colombia -- 2005-2014spa
dc.subject.lembRiesgo (Economía) -- Colombia -- 2005-2014spa
dc.subject.lembEmpresas -- Crédito -- Colombia -- 2005-2014spa
dc.titleEconomic sectors and the risk-taking channel of monetary policyeng
dc.typeWorking Papereng
dc.type.hasversionPublished Versioneng
dc.type.spaDocumentos de trabajospa

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