El canal del crédito bancario en Colombia: 1995-2005. Una aproximación mediante modelos de umbral

The Bank Credit Channel, which amplifies the effects of the traditionalchannel of monetary policy, emphasizes on the structure and frictions of financial marketsas determinants of aggregate spending. This paper aims at analyze and verify the existenceof the bank credit channel in Colombia estimating a model proposed by Gibson (1997)which uses threshold regressions as a way to determine the impact of monetary policyon aggregate demand. Results do not allow dismissing the existence of this transmissionmechanism in Colombia during the analyzed period, although it seems to operate onlythrough contractionary monetary policy.