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Movilidad De Capitales Y Política Monetaria En Colombia

Author

Listed:
  • Rob Rennhack
  • Guillermo Mondino

Abstract

En este documento se estima un modelo de los mercados financieros colombianos en el que se examinan: 1) El control de las autoridades sobre la tasa de interés; y 2) Los efectos de la política de "minidevaluaciones" sobre las expectativas de devaluación y la tasa interna de interés. Aparentemente, las autoridades poseen cierto control sobre la masa monetaria en el largo plazo, básicamente debido a la existencia del "control de cambios", pero gran parte de dicho control parece desvanecerse a medida que la demanda por activos tiende a ajustarse a su nivel deseado. La tasa esperada de devaluación no está ligada al ritmo de las "minidevaluaciones".

Suggested Citation

  • Rob Rennhack & Guillermo Mondino, 1989. "Movilidad De Capitales Y Política Monetaria En Colombia," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República, vol. 8(15), pages 25-45, June.
    • Handle: RePEc:col:000107:003258
    DOI: 10.32468/Espe.1502
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    Cited by:

    1. Santiago Herrera, 1990. "Notas sobre la existencia de una raíz unitaria en la serie del tipo de cambio real del peso colombiano," Estudios Económicos, El Colegio de México, Centro de Estudios Económicos, vol. 5(1), pages 157-171.
    2. Cardenas, Mauricio & Barrera, Felipe, 1997. "On the effectiveness of capital controls: The experience of Colombia during the 1990s," Journal of Development Economics, Elsevier, vol. 54(1), pages 27-57, October.
    3. Mauricio Cárdenas & Felipe Barrera, 1996. "Sobre la efectividad de los controles a los flujos de capital en Colombia," Coyuntura Económica, Fedesarrollo, June.
    4. Sergio Clavijo & Carlos Varela, 2003. "Flotación Cambiaria y Esterilización Monetaria: La Experiencia de Colombia," Borradores de Economia 256, Banco de la Republica de Colombia.
    5. Carlos Esteban Posada P. & Martha Misas A, 1995. "La tasa de interés en Colombia: 1958-1992," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República, vol. 14(27), pages 63-94, June.
    6. Carlos Esteban Posada & Martha Misas Arango, 1995. "La Tasa De Interés En Colombia," Borradores de Economia 3087, Banco de la Republica.
    7. Leonardo Villar & Hernán Rincón, 2000. "The Colombian Economy in the nineties: Capital Flows and Foreign Exchange Regimes," Borradores de Economia 149, Banco de la Republica de Colombia.

    More about this item

    Keywords

    POLITICA MONETARIA;

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