Abstract

URIBE GIL, Jorge Mario  and  ESPINOSA CASTILLO, Isabel. Asymmetric effects of interest rate changes on the companies of the Colombian manufacturing sector. Finanz. polit. econ. [online]. 2018, vol.10, n.1, pp.173-187. ISSN 2248-6046.  https://doi.org/10.14718/revfinanzpolitecon.2018.10.1.7.

This article tests the existence of the transmission channel of monetary policy, through the balance sheet, for the Colombian economy and, specifically, for the manufacturing sector. To this effect, following closely the theoretical guidelines on the topic, different responses are sought to the policy shock, depending on company sizes in the sample. Data were obtained from the balance sheets of companies that reported to the Superintendency of Companies for the period 2002-2013. The results provide evidence on the existence of the balance sheet channel within the sector. In addition, according to what was the fact that these companies face higher informational costs.

Keywords : credit channel; balance sheet channel; monetary policy.

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