<?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>0120-4483</journal-id>
<journal-title><![CDATA[Ensayos sobre POLÍTICA ECONÓMICA]]></journal-title>
<abbrev-journal-title><![CDATA[Ens. polit. econ.]]></abbrev-journal-title>
<issn>0120-4483</issn>
<publisher>
<publisher-name><![CDATA[Banco de la República]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0120-44832017000100078</article-id>
<article-id pub-id-type="doi">10.1016/j.espe.2016.11.002</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Monetary transmission under competing corporate finance regimes]]></article-title>
<article-title xml:lang="es"><![CDATA[Transmisión monetaria bajo regímenes alternativos de finanzas corporativas]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Grauwe]]></surname>
<given-names><![CDATA[Paul De]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Gerba]]></surname>
<given-names><![CDATA[Eddie]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
<xref ref-type="aff" rid="Aaf"/>
<xref ref-type="aff" rid="A a"/>
<xref ref-type="aff" rid="A3"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,aff1  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>United Kingdom</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Bank of Spain Financial Stability Department ]]></institution>
<addr-line><![CDATA[Madrid ]]></addr-line>
<country>Spain</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,CES Ifo Distinguished Affiliate  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Germany</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>01</month>
<year>2017</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>01</month>
<year>2017</year>
</pub-date>
<volume>35</volume>
<numero>spe82</numero>
<fpage>78</fpage>
<lpage>100</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0120-44832017000100078&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0120-44832017000100078&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0120-44832017000100078&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract The behavioral agent-based framework of De Grauwe and Gerba (2015) is extended to allow for a counter-factual exercise on the role of corporate finance arrangements for monetary transmission. Two alternative firm financial frictions are independently introduced: market-based and bank-based. We find convincing evidence that the overall monetary transmission channel is stronger in the bank-based system compared to the market-based. While the growth in credit is larger in the market-based system, uncertainty originated from imperfect beliefs produce impulse responses in macroeconomic variables that are, on average, half of those in the bank-based model. At the same time we find mixed results on the conditional effectiveness of monetary policy to offset contractions. Conditional on being in a recession, a monetary expansion in a market-based system creates higher successive booms. That said, a monetary easing in the bank-based system is more effective in smoothening the financial-and business cycles. JEL classification: E52, E44, E03, G21, G32.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen El modelo de comportamiento basado en agentes de De Grauwe y Gerba (2015) se extiende para permitir un ejercicio contrafactual del papel que desempeñan los acuerdos financieros corporativos para la transmisión monetaria. Se analizan de manera independiente dos fricciones financieras alternativas sobre las firmas: la basada en el mercado y la basada en la banca. Se encuentran pruebas convincentes de que el canal de transmisión monetaria en su conjunto es más fuerte en el sistema basado en la banca que aquel basado en el mercado. Si bien crece más el crédito en el sistema basado en el mercado, la incertidumbre generada por las creencias imperfectas produce impulsos respuesta en las variables macroeconómicas que son, en promedio, la mitad de las del modelo basado en la banca. Al mismo tiempo, se encuentran resultados mixtos en la eficacia condicional de la política monetaria para contrarrestar las contracciones. Bajo la condición de encontrarse en una recesión, una expansión monetaria dentro de un sistema basado en el mercado crea unos auges sucesivos mayores. Dicho esto, la expansión monetaria es más eficaz en el sistema basado en la banca a la hora de suavizar los ciclos financiero y económico. Códigos JEL: E52, E44, E03, G21, G32.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Monetary transmissions]]></kwd>
<kwd lng="en"><![CDATA[Banks]]></kwd>
<kwd lng="en"><![CDATA[Corporate finance]]></kwd>
<kwd lng="en"><![CDATA[Business cycle]]></kwd>
<kwd lng="es"><![CDATA[Transmisiones monetarias]]></kwd>
<kwd lng="es"><![CDATA[Bancos]]></kwd>
<kwd lng="es"><![CDATA[Finanzas corporativas]]></kwd>
<kwd lng="es"><![CDATA[Ciclo económico.]]></kwd>
</kwd-group>
</article-meta>
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