An equilibrium approach to financial stability analysis: the Colombian case |
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Authors: | Agustín Saade Daniel Osorio Dairo Estrada |
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Affiliation: | (1) Banco de la República, Carrera 7 No. 14 −78, Bogotá, Colombia |
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Abstract: | This paper studies in detail the performance of a general equilibrium model of the financial system when applied to the case of Colombia. This model was designed following closely the work by Goodhart et al. (Ann Fin 2, 1–21, 2006b). The results suggest that the model performs satisfactorily, especially in the prediction of short-run trends (2 years). A shortcoming of the results is a slight overestimation of several trends in the medium to long-term. There is however room to progress, particularly in terms of the incorporation of idiosyncratic features of the Colombian financial system into the model. |
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Keywords: | Financial stability General equilibrium Regulation Colombian financial system |
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