Bank lending channel of monetary policy: evidence for Colombia, using a firms' panel

Borradores de Economia
Number: 
545
Published: 
Classification JEL: 
E5, E52, E59, G21
Keywords: 
Human capital agglomeration, Social returns, Private returns, Externalities, Uncertainty, Fiscal policy
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In this paper we find empirical evidence of bank lending channel for Colombia , using a balanced panel data of about four thousand non-financial firms. We find that increases in the interest rate, proxiing for the monetary policy instrument, lead to a red