Development of Colombian Bond Markets

Aguilar, Camila; Cárdenas, Mauricio; Meléndez, Marcela; Salazar, Natalia

doi:10.7551/mitpress/9780262026321.003.0005

Cited by 2 publications

(3 citation statements)

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“…In 2004, banks had on average 64 percent of their portfolios invested in Treasury bonds. Aguilar et al (2007) find evidence of crowding-out of financial resources against private investors.…”

Section: Local Financementioning

confidence: 91%

“…In Colombia, firms largely finance their activity through retained earnings or other own resources (see Table 5). Financing through the market is still limited to firms able to issue large amounts of debt (Aguilar et al, 2007), and banking credit to the private sector is also largely restricted to larger firms. Source: Aguilar et al (2007).…”

Section: Local Financementioning

confidence: 99%

“…Financing through the market is still limited to firms able to issue large amounts of debt (Aguilar et al, 2007), and banking credit to the private sector is also largely restricted to larger firms. Source: Aguilar et al (2007).…”

Section: Local Financementioning

confidence: 99%

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Revisiting Economic Growth in Colombia: A Microeconomic Perspective

Harker,

Meléndez Arjona

2008

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This paper revisits economic growth in Colombia using a growth diagnostics methodology to identify the most binding constraints for economic growth and the policies that, if implemented, can have the largest positive impact. The data shows economic reactivation in areas with falling violence. Results from analysis at the microeconomic level, however, give a particular spin to this conclusion by showing that investment decisions at the firm level are also explained by the restoration of some form of public order connected to the cessation of paramilitary violence. From a public policy perspective, perhaps the most relevant result is the confirmation that in Colombia, investment decisions are negatively affected by the cost of financing. Empirical results single out the provision of access to financing at fair prices as a policy priority for economic growth, independent of whether uncertainties from poor protection to property rights are resolved.

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Section: Local Financementioning

confidence: 91%

Section: Local Financementioning

confidence: 99%