Abstract

TORRES G., Alejandro. The Colombian crisis of the late twentieth century: A real or financial shock?. Perf. de Coyunt. Econ. [online]. 2011, n.18, pp.79-96. ISSN 1657-4214.

The origins of financial crises and their interactions with the real side of the economies, is one of the most important challenges of the Economic Theory nowadays. In this paper, I propose a two sector Dynamic Stochastic General Equilibrium Model (DSGE): Real and Financial. The objective is to analyze the interactions between both sectors and the differential effects of financial and real shocks. By using this model, I study the economic crises of the Colombian Economy at the end of XX century. The main results imply that the depth of the Colombian crises cannot be explained only by financial or economic crises alone, but also its responds to an interaction between it.

Keywords : Business cycles; Financial System; Colombian Economy; General Equilibrium models.

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