Abstract

ROJAS-TRIANA, María Isabel; PARRA-MARINO, Jeisson Gabriel  and  GUTIERREZ-AYALA, Jhancarlos. Animal spirits theory and empirics and impact on investment: Case of Colombia. Finanz. polit. econ. [online]. 2020, vol.12, n.2, pp.523-552.  Epub June 19, 2021. ISSN 2248-6046.  https://doi.org/10.14718/revfinanzpolitecon.v12.n2.2020.3130.

This paper presents an approach to rationality from Keynes' perspective, broadened in the concept of animal spirits and their interaction with investors' expectations. It is exemplified by a VEC econometric model, which shows that investment expectations, in particular for Colombia, become positive in the face of past-year investment and income shocks; and negative, in the face of confidence index and interest rate shocks. It suggests changes for behavioral economics in favor of financial well-being projected in public policies.

Keywords : Confidence; animal spirits; expectations; investment..

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