Keywords
NON- PERFORMING LOANS
INTEREST RATES
ELASTICITIES
CICLO ECONÓMICO
TASA DE INTERÉS
MORA LEGAL
ELASTICIDADES
How to Cite
Abstract
This article analizes the behaviour of non-performing loans in the financial system of Costa Rica from 1999 to 2010, in particular in state and private banks during the recent international crisis. Economic models are used to test for causality relationships between non-performing loans, the economic cycle and the financial cycle. It is concluded that the quality of credit assets in the financial sector of Costa Rica is affected by both the economic and the financial cycles. Furthermore, even though the effects of the recent financial crisis was similar on state and private banks, the latter adopt measures that reduce accounting non-performing loans faster than their state owned counterpart.
References
Cole, H.L. & Ohanian, L.E. (1999), “The Great Depression in the United States from a Neoclassical Perspective”, Federal Reserve Bank of Minneapolis Quarterly Review, vol. 23: 2-24.
Cole, H.L. & Ohanian, L.E., “Re-Examining the Contributions of Money and Banking Shocks to the U.S. Great Depression”, Research Department Staff Report 270, Federal Reserve Bank of Minneapolis.
Engle, R.F. y Granger, C.W.J. (1989) Cointegration and Error Correction: Representation, Estimation and Testing. Econometrica, volume 55, páginas 251-276.
Johansen, S. (1988). Statistical analysis of cointegration vectors. Journal of Economic Dynamics and Control 12, 231-254.
Kydland, Finn E., and Prescott, Edward C.,(1990): "Business Cycles: Real Facts and a Monetary Myth"; Quarterly Review Sprint 14 (2): 3–18, Federal Reserve Bank of Minneapolis.
Kydland and Prescott, (1995): "The econometrics of the general equilibrium approach to business cycles", in Hoover, Kevin D. (eds) Macroeconometrics, Developments, tensions and projects. Kluwer Academic Publishers, London.
Minsky, Hyman P. (1974): "The Modeling of Financial Instability: an introduction", Modelling and Simulation vol. 5, part 1: 267-272; y Minsky, Hyman P. (1992): The Financial Instability Hypothesis, The Jerome Levy Economics Institute Working Paper 74, Bard College, NY.
Schumpeter, Joseph (1935). The Analysis of Economic Change", 1935, Review of Economics & Statitics.
Yong, Marlon y Soto, Max Alberto (2010). “Ciclo económico-financiero y el comportamiento de la morosidad bancaria: un análisis exploratorio para Costa Rica en el periodo reciente”. Instituto de Investigaciones en Ciencias Económicas (IICE), Universidad de Costa Rica. San José.
Comments
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 Unported License.
Copyright (c) 2014 Ciencias Económicas