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Mauricio Arango

Un sistema financiero bien informado y cauteloso puede mejorar el bienestar de una economía al canalizar los excedentes de los ahorradores a los prestatarios. Sin embargo, en una situación de crisis, el menor precio de bienes hipotecables limita la capacidad de crédito de la economía, generando la posibilidad de una reducción en el crédito inclusive en un escenario de bajas tasas de interés. Este documento ilustra el punto anteriormente mencionado através de un modelo de equilibrio general en el que el uso de activos como colateral determina que tan riesgoso es el comportamiento del sistema financiero. Esta y varias otras condiciones amplifican la magnitud de un choque de productividad negativo

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