<?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>0124-5996</journal-id>
<journal-title><![CDATA[Revista de Economía Institucional]]></journal-title>
<abbrev-journal-title><![CDATA[Rev.econ.inst.]]></abbrev-journal-title>
<issn>0124-5996</issn>
<publisher>
<publisher-name><![CDATA[Universidad Externado de Colombia]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0124-59962018000200257</article-id>
<article-id pub-id-type="doi">10.18601/01245996.v20n39.11</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[La dinámica de la construcción en Bogotá 1995-2013]]></article-title>
<article-title xml:lang="en"><![CDATA[The dynamics of building in Bogotá 1995-2013]]></article-title>
<article-title xml:lang="pt"><![CDATA[A dinâmica da construção em Bogotá 1995-2013]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Araque-Solano]]></surname>
<given-names><![CDATA[Alex Smith]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Silva]]></surname>
<given-names><![CDATA[Yuly Paola]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Sergio Arboleda Escuela de Economía ]]></institution>
<addr-line><![CDATA[Bogotá ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Sergio Arboleda Escuela de Economía ]]></institution>
<addr-line><![CDATA[Bogotá ]]></addr-line>
<country>Colombia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2018</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2018</year>
</pub-date>
<volume>20</volume>
<numero>39</numero>
<fpage>257</fpage>
<lpage>279</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0124-59962018000200257&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0124-59962018000200257&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0124-59962018000200257&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Los precios de la vivienda en Bogotá en el periodo 1995-2013 generaron un debate sobre la existencia de una burbuja inmobiliaria. Este artículo analiza los determinantes de la oferta y la demanda del sector, de los mercados asociados y de la velocidad de crecimiento de la tasa de interés y de los precios del suelo. Los resultados muestran que en el mercado no hubo una burbuja en 2012 y que las condiciones económicas de la década de 2010 provocaron el aumento de los precios de la vivienda. El aumento de estos precios en todo el país exige evaluar los efectos territoriales de la política nacional de vivienda, el papel de las administraciones locales, el uso de los instrumentos de gestión del suelo y los efectos de estas presiones de precios sobre la calidad y habitabilidad de las viviendas.  JEL:  R11, R14, R31.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract The trends in housing prices in Bogotá in the period 1995-2013 generated a debate among experts about the existence of a real estate bubble. This paper analyzes the determinants of the supply and demand of the construction sector, the associated markets, and the rate of growth of interest rates and land prices. The results show that there was no bubble in the market in 2012 and that the economic conditions of the 2010 decade caused the increase in housing prices. The increase of these prices throughout the country requires the evaluation of the territorial effects of the national housing policy, the role of local administrations, the use of land management instruments and the effect of these price pressures on quality and habitability of housing.  JEL:  R11, R14, R31.]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[Resumo Os preços de moradia em Bogotá no período 1995-2013 geraram um debate sobre a existência de uma bolha imobiliária. Este artigo analisa os determinantes da oferta e da demanda do setor, dos mercados associados e da velocidade de crescimento da taxa de juros e dos preços do solo. Os resultados mostram que, no mercado, não houve uma bolha em 2012 e que as condições econômicas da década de 2010 provocaram o aumento dos preços da moradia. O aumento desses preços, em todo o país, exige avaliar os efeitos territoriais da política nacional de habitação, o papel das administrações locais, o uso dos instrumentos de gestão do solo e os efeitos dessas pressões de preços sobre a qualidade e habitabilidade das moradias.  JEL:  R11, R14, R31.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[burbuja inmobiliaria]]></kwd>
<kwd lng="es"><![CDATA[precios del suelo]]></kwd>
<kwd lng="en"><![CDATA[Real estate bubble]]></kwd>
<kwd lng="en"><![CDATA[land prices]]></kwd>
<kwd lng="pt"><![CDATA[bolha imobiliária]]></kwd>
<kwd lng="pt"><![CDATA[preços do solo]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Abad]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<source><![CDATA[Precios de la vivienda: sobrevaloración y burbuja]]></source>
<year>2013</year>
</nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Agnello]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Schuknecht]]></surname>
<given-names><![CDATA[L]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Booms and busts in housing markets]]></article-title>
<source><![CDATA[Determinants and implications. ECB working paper]]></source>
<year>2009</year>
<numero>1071</numero>
<issue>1071</issue>
</nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Alonso]]></surname>
<given-names><![CDATA[W]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Location and land use]]></article-title>
<source><![CDATA[Toward a general theory of land rent]]></source>
<year>1964</year>
<publisher-loc><![CDATA[Londres ]]></publisher-loc>
<publisher-name><![CDATA[Harvard University Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="">
<collab>ANIF</collab>
<source><![CDATA[El crédito hipotecario en Colombia: evaluación del impacto regulatorio pos-crisis,]]></source>
<year>2011</year>
</nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="book">
<collab>Banco de la República de Colombia</collab>
<source><![CDATA[Informe de estabilidad financiera]]></source>
<year>2013</year>
<publisher-loc><![CDATA[Bogotá ]]></publisher-loc>
<publisher-name><![CDATA[Banco de la República]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="">
<collab>Banco de la República</collab>
<source><![CDATA[Tasas de interés.]]></source>
<year></year>
<publisher-loc><![CDATA[Colombia ]]></publisher-loc>
</nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Barkley]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Rosser]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Gallegati]]></surname>
<given-names><![CDATA[M]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A Minsky-Kindleberger perspective on the financial crisis]]></article-title>
<source><![CDATA[Journal of Economic Issues]]></source>
<year>2012</year>
<volume>46</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>449-58</page-range></nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Blanchard]]></surname>
<given-names><![CDATA[O.]]></given-names>
</name>
<name>
<surname><![CDATA[Fischer]]></surname>
<given-names><![CDATA[S]]></given-names>
</name>
</person-group>
<source><![CDATA[Lectures on macroeconomics]]></source>
<year>1993</year>
<publisher-loc><![CDATA[Cambridge, Mass. ]]></publisher-loc>
<publisher-name><![CDATA[The MIT Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cediel]]></surname>
<given-names><![CDATA[V.]]></given-names>
</name>
<name>
<surname><![CDATA[Velásquez]]></surname>
<given-names><![CDATA[C]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[¿Hay una burbuja inmobiliaria en Bogotá? Un estudio por segmentos de mercado]]></article-title>
<source><![CDATA[Revista de Economía Institucional,]]></source>
<year>2015</year>
<volume>17</volume>
<numero>32</numero>
<issue>32</issue>
<page-range>233-57</page-range></nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ciro]]></surname>
<given-names><![CDATA[J. A]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[¿Hay o no burbuja inmobiliaria en Bogotá?]]></article-title>
<source><![CDATA[¿Cómo va el consenso?,]]></source>
<year>2015</year>
</nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Currie]]></surname>
<given-names><![CDATA[L]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[La política urbana en un marco macroeconómico.]]></article-title>
<source><![CDATA[Cuadernos de economía]]></source>
<year>1993</year>
<volume>13</volume>
<numero>18-19</numero>
<issue>18-19</issue>
<page-range>233-48</page-range></nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Currie]]></surname>
<given-names><![CDATA[L]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[La teoría en que se basa la estrategia del sector líder.]]></article-title>
<source><![CDATA[Cuadernos de economía]]></source>
<year>1993</year>
<volume>13</volume>
<numero>18-19</numero>
<issue>18-19</issue>
<page-range>225-30</page-range></nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="">
<collab>Dane</collab>
<source><![CDATA[Estadísticas por tema: Construcción]]></source>
<year>2011</year>
</nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="book">
<collab>DNP</collab>
<source><![CDATA[Las cuatro estrategias]]></source>
<year>1972</year>
<publisher-loc><![CDATA[Bogotá ]]></publisher-loc>
<publisher-name><![CDATA[DNP]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Enríquez]]></surname>
<given-names><![CDATA[H]]></given-names>
</name>
<name>
<surname><![CDATA[Campo]]></surname>
<given-names><![CDATA[J]]></given-names>
</name>
<name>
<surname><![CDATA[Avendaño]]></surname>
<given-names><![CDATA[A]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Relaciones regionales en los precios de vivienda nueva en Colombia]]></article-title>
<source><![CDATA[Ecos de Economía]]></source>
<year>2015</year>
<volume>19</volume>
<numero>40</numero>
<issue>40</issue>
<page-range>25-47</page-range></nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Froot]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
<name>
<surname><![CDATA[Maurice]]></surname>
<given-names><![CDATA[O]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Intrinsic bubbles: The case of stock prices. American]]></article-title>
<source><![CDATA[Economic Review]]></source>
<year>1991</year>
<volume>81</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>1189-214</page-range></nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Glaeser]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Gyourko]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Saiz]]></surname>
<given-names><![CDATA[A]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Housing supply and housing bubbles]]></article-title>
<source><![CDATA[NBER working paper]]></source>
<year>2008</year>
<numero>14193</numero>
<issue>14193</issue>
</nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Glaeser]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
</person-group>
<source><![CDATA[Cities, agglomeration and spatial equilibrium]]></source>
<year>2008</year>
<publisher-loc><![CDATA[Oxford ]]></publisher-loc>
<publisher-name><![CDATA[Oxford University Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Glaeser]]></surname>
<given-names><![CDATA[E]]></given-names>
</name>
<name>
<surname><![CDATA[Nathanson]]></surname>
<given-names><![CDATA[C]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Housing bubbles]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Duranton]]></surname>
<given-names><![CDATA[G]]></given-names>
</name>
<name>
<surname><![CDATA[Henderson]]></surname>
<given-names><![CDATA[V]]></given-names>
</name>
<name>
<surname><![CDATA[Strange]]></surname>
<given-names><![CDATA[W]]></given-names>
</name>
</person-group>
<source><![CDATA[Handbook of regional and urban economics]]></source>
<year>2015</year>
<page-range>701-52</page-range><publisher-loc><![CDATA[Oxford, UK ]]></publisher-loc>
<publisher-name><![CDATA[Elsevier]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Gómez]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<source><![CDATA[Testing for bubbles in housing markets: New results using a new method]]></source>
<year>2013</year>
</nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Harding]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Pagan]]></surname>
<given-names><![CDATA[A]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Dissecting the cycle: A methodological investigation]]></article-title>
<source><![CDATA[Journal of Monetary Economics]]></source>
<year>2002</year>
<volume>49</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>365-81</page-range></nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Jaramillo]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Cuervo]]></surname>
<given-names><![CDATA[N]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Precios inmobiliarios de vivienda en Bogotá 1970-2013]]></article-title>
<source><![CDATA[Documentos CEDE]]></source>
<year>2014</year>
<publisher-loc><![CDATA[Bogotá ]]></publisher-loc>
<publisher-name><![CDATA[Uniandes]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kalmanovitz]]></surname>
<given-names><![CDATA[S]]></given-names>
</name>
</person-group>
<source><![CDATA[¿Burbuja inmobiliaria?]]></source>
<year>2013</year>
</nlm-citation>
</ref>
<ref id="B24">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lind]]></surname>
<given-names><![CDATA[H]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Price bubbles in housing markets]]></article-title>
<source><![CDATA[International Journal of Housing Markets and Analysis]]></source>
<year>2008</year>
<volume>2</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>78-90</page-range></nlm-citation>
</ref>
<ref id="B25">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Loría]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Libreros]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Salasti]]></surname>
<given-names><![CDATA[E]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Crisis de paro en España: una aplicación de la ley de Okun]]></article-title>
<source><![CDATA[Coyuntura Económica]]></source>
<year>2012</year>
<volume>42</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>135-52</page-range></nlm-citation>
</ref>
<ref id="B26">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Marulanda]]></surname>
<given-names><![CDATA[G]]></given-names>
</name>
</person-group>
<source><![CDATA[Falta de suelo presiona costo de vivienda: Catastro]]></source>
<year>2013</year>
</nlm-citation>
</ref>
<ref id="B27">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Montenegro]]></surname>
<given-names><![CDATA[Á]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Lauchlin Currie: desarrollo y crecimiento económico]]></article-title>
<source><![CDATA[Revista de Economía Institucional,]]></source>
<year>2012</year>
<volume>14</volume>
<numero>27</numero>
<issue>27</issue>
<page-range>81-97</page-range></nlm-citation>
</ref>
<ref id="B28">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Phillips]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Wu]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
<name>
<surname><![CDATA[Yu]]></surname>
<given-names><![CDATA[J]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Explosive behavior in the 1990&#8217;s Nasdaq: When did exuberance escalate asset values?]]></article-title>
<source><![CDATA[HKIMR working paper]]></source>
<year>2007</year>
<numero>22</numero>
<issue>22</issue>
</nlm-citation>
</ref>
<ref id="B29">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Phillips]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Yu]]></surname>
<given-names><![CDATA[J]]></given-names>
</name>
<name>
<surname><![CDATA[Shi]]></surname>
<given-names><![CDATA[S.-P]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Testing for multiple bubbles]]></article-title>
<source><![CDATA[Cowles. discussion paper]]></source>
<year>2012</year>
<numero>1843</numero>
<issue>1843</issue>
</nlm-citation>
</ref>
<ref id="B30">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Shiller]]></surname>
<given-names><![CDATA[R]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Understanding recent trends in house prices and home ownership]]></article-title>
<source><![CDATA[NBER working paper]]></source>
<year>2007</year>
<numero>13553</numero>
<issue>13553</issue>
</nlm-citation>
</ref>
<ref id="B31">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Steiner]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Salazar]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
</person-group>
<source><![CDATA[¿Qué tan desalineados están los precios de la vivienda en Colombia?]]></source>
<year>2012</year>
<publisher-loc><![CDATA[Bogotá ]]></publisher-loc>
<publisher-name><![CDATA[Fedesarrollo]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B32">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Stiglitz]]></surname>
<given-names><![CDATA[J. E]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Symposium on bubbles]]></article-title>
<source><![CDATA[Journal of economic perspectives]]></source>
<year>1990</year>
<volume>4</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>13-8</page-range></nlm-citation>
</ref>
</ref-list>
</back>
</article>
