Intermediación financiera en Colombia: revisión crítica desde la perspectiva del margen de intermediación

Abstract

Starting from the historical factors that preceded the financial crisis at the end of the nineties, this study makes a critical analysis of financial intermediation from the perspective of banks, considering that these establishments concentrate a large part of the country's financial activity and close 97% of both the portfolio and the deposits of the financial system. For the purpose of crossing and processing of ample and varied information provided by the competent entities and with the help of relevant analytical and descriptive research material, the concept of the intermediation margin of the banking activity and the management of financial institutions is reviewed from the point of view of attracting money from the public and the placement of resources through the different credit lines, taking into account the particularities of the different caption and placement items in terms of the interest rates applied and their shares relative within the set of deposits and loans. In this way, we intend to contrast the intermediation margin obtained from the active and passive credit rates issued by the Banco de la República, against the approximation of the real intermediation margin, prepared under broader and more representative parameters of the financial activity to capture money from the public at low cost and lend them at a higher interest rate. The investigation shows that the margin of intermediation supported by the criteria established by the issuing bank is partial and introduces distortions in the information provided regarding the income accrued by the public on their deposits in the banks and the costs that must be paid by the credits. On the other hand, the study addresses the implications of the interest rate differential focusing the analysis on the scope and effects of this factor on the most affected credit modality, such as microcredit, with the harmful economic and social consequences that fall on small entrepreneurs, who represent a large productive sector and an alternative to a greater degree of formalization of employment in the country