Restricción a la liquidez en Colombia

Anzoategui Zapata, Juan Camilo (2014): Restricción a la liquidez en Colombia. Published in: Economía Autónoma , Vol. 8, No. 5 (30 January 2014): pp. 71-99.

Abstract

The restriction to liquidity in macroeconomic terms, is defined as the limited access and use certain proportion of the population to financial services. In the case of the inclusion of agents with liquidity constraints can be determined that pioneering work is the first developed by (Mankiw, 2000), who analyzes the inclusion of agents non-Ricardian considering that there are a significant part of the population subject to liquidity constraints, which may suffer severe changes in consumption to effects on public spending or tax changes, rescuing then, the importance of fiscal policy on the evidence of agents do not have access to the financial system. Also, determine that the non-Ricardian agents separate their consumption period of his term income and non-Ricardian agents do not have the ability - for their low income-consumption separating the level of income being forced to consume their income current.

• Item Type: MPRA Paper
• English Title: Restriction liquidity Colombia
• Language: Spanish
• Keywords: Agentes ricardianos, agentes no ricardianos, Macroeconomía microfundamentada, Liquidez, Política fiscal. Ricardian agents, non-Ricardian agents, Macroeconomics Liquidity, Fiscal Policy.
• Subjects: E - Macroeconomics and Monetary Economics > E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; E - Macroeconomics and Monetary Economics > E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook > E62 - Fiscal Policy

References

Aiyagari, S., Christiano, L. & Eichenbaum, M. (1992): The output, employment, and interest rate of government consumption. Journal of Monetary Economics, 30(1), 73-86.

Baxter, M & King, R. (1993). “Fiscal Policy in General Equilibrium.” American Economic Review, 83, 315–334.

Beck, T., A. Demirguc-Kunt, & M. S. Martinez-Peria. Reaching out: Access to and use of banking services across countries. Journal of Financial Economics, vol. 85, núm. 1, 234-266, 2007.

Boscá, J., Díaz, A., Doménech, R., Ferri, J., Pérez, E. & Puch, L. (2010). A rational expectations model for simulation and policy evaluation of the Spanish economy. SERIEs, 1.

Coenen, G. & Straub, R. (2004): Non-Ricardian households and fiscal policy in an estimated DSGE model for the Euro area. Consejo Privado de Competitividad. Informe Nacional de Competitividad 2007, 2008.2009, 2010, 2011,2012.

Christiano, Lawrence, & Eichenbaum, M. (1992). Current Real Business Cycles Theories and Aggregate Labor Market Fluctuations. American Economic Review, 82, 430–450.

Christiano, L., Eichenbaum, M. & Evans, C. (2005). Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy. Journal of Political Economy, 113(1), 1–45.

Encuesta Longitudinal Colombiana (ELCA), Boletín de Divulgación ELCA No.1, Universidad de los Andes, junio de 2012.

Galí, J., López-Salido, J., & Vallés, J. (2007): Understanding the effects of government spending on consumption. Journal of the European Economic Association, 5 (1), 227-270.

Galí, J, Gertler, M., & López-Salido, J. (2007). Markups, Gaps, and the Welfare Costs of Business Fluctuations. Review of Economics and Statistics, 89 (1), 44–59.

Gonzales, A, López, M, Rodríguez, N & Téllez, S. (2013). Fiscal policy is a small open economy with oil sector and non ricardian agents. Borradores de economia, num, 759.

Honohan, P. Cross-country variation in household access to financial services. Document prepared for the World Bank conference on access to finance, 2007.

Jappelli, T & Pagano, M (1994). Saving, Growth, and Liquidity Constrains. Quarterly Journal of Economics Vol.109, 83-109.

Kydland, F & Prescott, E. (1982). Time to build and aggregate fluctuations. Econometrica, N.6. Vol.50, 45-70.

Mankiw, N.G. (2000): The savers-spenders theory of fiscal policy. American Economic Review, 90(2), 120-125.

Melo, L.; H. Zárate & J. Téllez. “El ahorro de los hogares en Colombia”, Ensayos sobre Política Económica, vol. 24, núm. 52, pp. 111-160, Banco de la República, Bogotá, 2006.

Iregui, A & Melo, L (2009). La transmisión de la política monetaria en el consumo en presencia de restricciones a la liquidez. Borradores de economía, núm. 547.

Murcia, A. Determinantes del acceso al crédito de los hogares colombianos, Ensayos Sobre Política Económica, vol. 25, núm. 55, pp. 40-83, Banco de la República, Bogotá, 2007.

Ocampo, S (2011). Agentes no ricardianos y rigideces nominales: su efecto sobre el principio de Taylor. Universitas Económica.

Torres, J. (2010). Introducción al Equilibrio General Dinámico Macroeconómico. Universidad de Málaga.