<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0120-2596</journal-id>
<journal-title><![CDATA[Lecturas de Economía]]></journal-title>
<abbrev-journal-title><![CDATA[Lect. Econ.]]></abbrev-journal-title>
<issn>0120-2596</issn>
<publisher>
<publisher-name><![CDATA[Universidad de Antioquia]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0120-25962022000200045</article-id>
<article-id pub-id-type="doi">10.17533/udea.le.n97a345596</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[El SPREAD de las tasas de interés en Colombia para el período 2010-2020]]></article-title>
<article-title xml:lang="en"><![CDATA[The SPREAD of Interest Rates in Colombia for the Period 2010-2020]]></article-title>
<article-title xml:lang="fr"><![CDATA[L&#8217;évolution des taux d&#8217;intérêt en Colombie pour la période 2010-2020]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Galvis-Ciro]]></surname>
<given-names><![CDATA[Juan Camilo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Hincapié-Vélez]]></surname>
<given-names><![CDATA[Guillermo David]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Oliveira de Morales]]></surname>
<given-names><![CDATA[Claudio]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[García-Lopera]]></surname>
<given-names><![CDATA[Jaime]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Pontificia Bolivariana  ]]></institution>
<addr-line><![CDATA[Medellín ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Pontificia Bolivariana  ]]></institution>
<addr-line><![CDATA[Medellín ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Instituto COPPEAD de Administración  ]]></institution>
<addr-line><![CDATA[Río de Janeiro ]]></addr-line>
<country>Brasil</country>
</aff>
<aff id="Af4">
<institution><![CDATA[,Universidad Autónoma Latinoamericana  ]]></institution>
<addr-line><![CDATA[Medellín ]]></addr-line>
<country>Colombia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2022</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2022</year>
</pub-date>
<numero>97</numero>
<fpage>45</fpage>
<lpage>78</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0120-25962022000200045&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0120-25962022000200045&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0120-25962022000200045&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: El SPREAD mide los costos de intermediación del sistema financiero y afecta el crecimiento económico. Este artículo busca evaluar los determinantes del SPREAD para la economía colombiana bajo el esquema de inflación objetivo durante el período 2010-2020. Para ello, se utiliza la metodología de panel de datos dinámico y se estiman varios modelos por medio del método de momentos generalizados (GMM). Los resultados muestran que el entorno macroeconómico -en especial el desempleo- y la eficiencia operacional de las instituciones financieras, son factores importantes para explicar el SPREAD. Además, la concentración de mercado del sistema financiero también es relevante para entender el comportamiento de los costos de la intermediación.  Clasificación JEL: C33, E4, G1, G2.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: The SPREAD is a measure of the financial system intermediation costs and affects economic growth. This article evaluates the SPREAD determinants for the Colombian economy by the period 2010-2020. We use the dynamic data panel methodology and estimate several models with the generalized moment method (GMM). The results show that the macroeconomic environment, especially unemployment, and the operational efficiency of financial institutions are important factors to explain SPREAD. Furthermore, the market concentration of the financial system is also relevant to explain the intermediation costs.  Clasificación JEL: C33, E4, G1, G2.]]></p></abstract>
<abstract abstract-type="short" xml:lang="fr"><p><![CDATA[Résumé : Le SPREAD mesure les coûts d&#8217;intermédiation dans un système financier et il affecte la croissance économique. Cet article cherche à évaluer les déterminants de SPREAD pour l&#8217;économie colombienne, sous un régime de ciblage de l&#8217;inflation pour la période 2010-2020. Pour ce faire, nous utilisons la méthodologie des données de panel dynamiques, laquelle permet d&#8217;estime plusieurs modèles à travers la méthode des moments généralisés (GMM). Les résultats montrent que l&#8217;environnement macroéconomique -en particulier le chômage- et l&#8217;efficacité opérationnelle des institutions financières sont des facteurs importants pour expliquer le SPREAD. En outre, la concentration du marché du système financier est également important pour comprendre le comportement des coûts d&#8217;intermédiation financière.  Clasificación JEL: C33, E4, G1, G2.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[tasa de interés]]></kwd>
<kwd lng="es"><![CDATA[SPREAD]]></kwd>
<kwd lng="es"><![CDATA[mercado financiero]]></kwd>
<kwd lng="es"><![CDATA[panel de datos]]></kwd>
<kwd lng="en"><![CDATA[Interest rate]]></kwd>
<kwd lng="en"><![CDATA[SPREAD]]></kwd>
<kwd lng="en"><![CDATA[Financial Market]]></kwd>
<kwd lng="en"><![CDATA[Panel Data]]></kwd>
<kwd lng="fr"><![CDATA[taux d&#8217;intérêt]]></kwd>
<kwd lng="fr"><![CDATA[SPREAD]]></kwd>
<kwd lng="fr"><![CDATA[marché financier]]></kwd>
<kwd lng="fr"><![CDATA[données de panel]]></kwd>
</kwd-group>
</article-meta>
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