Abstract

GOMEZ-GONZALEZ, José Eduardo; SILVA, Luisa; RESTREPO, Sergio  and  SALAZAR, Mauricio. Capital Flows and Financial Fragility in Colombia. Ens. polit. econ. [online]. 2012, vol.30, n.69, pp.67-109. ISSN 0120-4483.

In this paper we study the interrelation between capital flows and financial stability in Colombia between 1995 and 2011 using quarterly data. Using level cointegrated VAR models it is found that even though it does not seem to exist a significant direct correlation between capital flows and financial stability, there is an indirect relationship between these two variables mediated by the ratio loans/GDP.

Keywords : Capital flows; financial stability; VAR models.

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