Spanish Abstract: En este estudio calculamos un indicador de la actividad de shadow banking en Colombia para el periodo comprendido entre enero de 2011 y marzo de 2013. Dicho indicador sugiere que esta actividad ha venido incrementandose y representa cerca del 9,9% del PIB de 2012. Adicionalmente, evaluamos el nivel de prociclicidad que puede tener la decision de apalancamiento de un grupo de intermediarios financieros especialmente asociados a este tipo de actividad, y se encontro que dicha prociclicidad esta asociada a un mayor uso de operaciones repo y de simultaneas por parte de los intermediarios financieros. Finalmente, a traves de la adaptacion de un modelo teorico de liquidez y apalancamiento (Tirole, 2011) planteamos bajo que condiciones dichas decisiones de apalancamiento se tornan prociclicas.English Abstract: In this study we calculate an indicator of the shadow banking activity in Colombia for the period between January 2011 and March 2013. This indicator suggests that this activity has been increasing, accounting for about 9.9% of GDP in 2012. Additionally, we evaluate the level of pro-cyclicality that can exhibit the leverage decision of a group of financial intermediaries especially associated with this type of activity. We find that the pro-cyclicality of leverage is especially related to an increased use of repo and sell by back operations by some financial intermediaries. Finally, through the adaptation of a theoretical model of liquidity and leverage decisions (Tirole, 2011), we study under which economic conditions such decisions become pro-cyclical.