摘要：This article aims to analyze the effect of monetary policy on the growth rate of total gross loans for the Colombian
economy under different scenarios of banking concentration. The effect of monetary policy on the growth rate of
loans was made by the two-step system GMM dynamic panel estimator over the period of 2007-2017. The findings
denote that the monetary policy has the capacity to affect the growth rate of loans. Furthermore, the central bank loses
degrees of freedom to affect the growth rate of bank loans in a greater concentration scenario and banks size mitigates
the monetary policy shock. The results of the paper offer new insights about the monetary policy management for
developing countries. The principal conclusion is it is necessary a closer monitoring in concentration and structure of
the banking system by monetary policymakers.
