In this paper we analyzes the impact on the gross loan portfolio of the Colombian nancial sector to a shock on macroeconomic variables or otherwise. First, we estimateda vector error correction (VECM) model. The results show that there is a causality andlong-term relationbetween real net portfolio nancial sector, Gross Domestic Product, RealDTF and Real Exchange Rate Index. Finally, we concluded that the impulse responses ofthese variables are consistent with economic theory and stylized facts.
