Credit

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Credit Pro-cyclicality and Bank Balance Sheet in Colombia

The recent financial crisis has renewed the interest of economists, both at the theoretical and empirical level, in developing a better understanding of credit and its mechanisms. A rapidly growing strand of the literature views banks as facing funding restrictions that condition their borrowing...

Foreign Debt Flows and Domestic Credit: A Principal-Agent Approach

The relationship between capital ows and domestic credit emerges from dierent channels which are usually not directly identied. In this paper, a principal-agent approach is proposed in order to disentangle the channels through which shocks on capital debt ows can aect credit-related variables....

Foreign Debt Flows and the Credit Market: A Principal Agent Approach

As has been documented in different studies, there is a close relationship between capital flows and domestic credit. This relationship emerges from different channels, which are usually not directly identified. In this paper, a principal-agent approach is proposed in order to disentangle the...

Leverage Pro-cyclicality and Bank Balance Sheet in Colombia

The recent financial crisis has renewed the interest of economists, both at the theoretical and empirical level, in developing a better understanding of credit and its mechanisms. A rapidly growing strand of the literature views banks as facing funding restrictions that...

Monetary policy implications for an oil-exporting economy of lower long-run international oil prices

The sudden collapse of oil prices poses a challenge to inflation targeting central banks in oil exporting economies. This paper illustrates that challenge and conducts a quantitative assessment of the impact of permanent changes in oil prices in a small and open economy, in which oil represents...