In this paper we expanded the closed economy model by Bernanke and Gertler (1999) in order to account for the macroeconomic effects of an asset price bubble in the context of a small open economy model. During the nineties emerging market economies opened their financial accounts to foreign...

A partir del debate sobre la respuesta de política a fluctuaciones en los precios de losactivos, en el presente documento se estudia la importancia de estos precios en elcontexto de una economía emergente como la colombiana, caracterizada por ungrado variable de represión financiera y...

In this paper we investigate the impact of rapid credit growth on ex ante credit risk. We present micro-econometric evidence of the positive relationship between rapid credit growth and deterioration in lending portfolios: Loans granted during boom periods have higher probability of default than...