Resumo

URIBE GIL, Jorge Mario; MOSQUERA LOPEZ, Stephanía  e  RESTREPO LOPEZ, Natalia. Colombian Stock Market. Macroeconomic Determinants and the Role of the AFP. Soc. Econ. [online]. 2013, n.24, pp.207-229. ISSN 1657-6357.

The Colombian stock market has grown considerably in recent decades, but it remains illiquid and concentrated. This situation does not seem to be a consequence of the external macroeconomic fundamentals, neither to the internal ones, instead it responds to the investment portfolios dynamics in charge of the AFP and to the Capital Account. In this article the recent evolution of the Colombian stock market is reviewed in comparative terms, and several econometrics techniques, such as FMOLS, VAR and VEC models, are used in order to explain long-run relationships between macroeconomic variables and the market development. It is found that macro-variables are relevant only since few years ago, and for the same period the role of AFP have been crucial.

Palavras-chave : Colombian Stock Market; Macroeconomics; Stock Market; FMOLS; Cointegration.

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