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Controles a la entrada de capitales y volatilidad de la tasa de cambio: ¿dano colateral? la experiencia colombiana

Author

Listed:
  • Andres Mauricio Vargas P.
  • Camilo Rivera Pérez

Abstract

En mayo de 2007 las autoridades económicas de Colombia re-introdujeron el encaje al endeudamiento externo y anadieron la misma figura para las inversiones de portafolio. Se pretendía limitar la entrada de capitales de corto plazo y de esta manera controlar la apreciación de la moneda que en teoría se daría una vez el Banco Central subiera tasas para controlar la inflación. ¿Qué pasó? La moneda siguió apreciándose y la volatilidad aumentó significativamente. Todo esto en un periodo marcado por la crisis sub-prime en Estados Unidos. ¿Por qué los controles no contribuyeron a reducir la volatilidad? ¿Aumentaron los controles la sensibilidad de la volatilidad de la tasa de cambio a los choques externos? En este artículo se presenta evidencia de que los instrumentos financieros conocidos como derivados" sobre tasa de cambio, diluyeron la efectividad de los controles para aislar a la economía de choques externos. Además, no jugaron un papel estabilizador en un ambiente caracterizado por alta incertidumbre."

Suggested Citation

  • Andres Mauricio Vargas P. & Camilo Rivera Pérez, 2009. "Controles a la entrada de capitales y volatilidad de la tasa de cambio: ¿dano colateral? la experiencia colombiana," Documentos de Trabajo UEC 5667, Universidad Externado de Colombia.
    • Handle: RePEc:col:000139:005667
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    File URL: https://www.uexternado.edu.co/wp-content/uploads/2021/02/DDT-27.pdf
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    More about this item

    Keywords

    Control de capitales; volatilidad de la tasa de cambio; derivados;
    All these keywords.

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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