Abstract

VILLEGAS SALAZAR, Santiago. Evidence of the Balance Sheet Credit Channel Through Colombian Companies Investment (1995-2007). Ens. polit. econ. [online]. 2009, vol.27, n.60, pp.168-215. ISSN 0120-4483.

In this research we make an empirical application of the "Balance Sheet Credit Channel" theory in Colombia between 1995 and 2007, using a panel with financial information from non-financial firms operating in Colombian. The goal is to show that the investment structure of Colombian companies supports the existence of the balance sheet credit channel. This work makes an important contribution, proving that in Colombia the information asymmetries in credit markets and the ability of firms to properly signpost have a significant effect on their funding sources. The results support the existence of the "Balance Sheet Credit Channel" in the country.

Keywords : balance sheet credit channel; funding sources; information asymmetries; Colombia.

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