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Efectos de la política monetaria sobre las tasas de interés de los créditos hipotecarios en Colombia

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  • Franz Hamann

    ()

  • Hernando Vargas

    ()

  • Andrés Gónzalez

    ()

Abstract

Este artículo presenta un análisis cuantitativo del impacto de la política monetaria sobre las tasas de interés de los créditos hipotecarios, tanto en el largo como en el corto plazo. En primer lugar, los resultados de los ejercicios econométricos confirman la existencia de una relación de cointegración, ya antes encontrada por Galindo y Hofstetter (2008), entre las tasas de interés de los créditos hipotecarios (tich) y los rendimientos de los títulos de deuda pública (tes). A diferencia de dicho estudio, se concluye que en el largo plazo la relación entre ambas tasas es uno a uno. Por consiguiente, tanto la política monetaria (a través de una meta de inflación baja y creíble) como la política fiscal (a través de una mayor solvencia fiscal) pueden contribuir a reducir las tich en el largo plazo. Segundo, en el corto plazo, se encuentra que una innovación de cien puntos base a la tasa de interés de política del Banco de la República se transmite al spread tich-tes con un rezago de seis a diez meses y tiene un efecto máximo de 140 y 160 pb, después de controlar por sus efectos sobre otras variables macroeconómicas.monetaria.pd

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Bibliographic Info

Article provided by UNIVERSIDAD DE LOS ANDES-CEDE in its journal REVISTA DESARROLLO Y SOCIEDAD.

Volume (Year): (2010)
Issue (Month): ()
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Handle: RePEc:col:000090:008769

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Keywords: política monetaria; tasas de interés; crédito de vivienda; Colombia.;

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References

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  1. Lawrence J. Christiano & Martin Eichenbaum & Charles Evans, 2001. "Nominal rigidities and the dynamic effects of a shock to monetary policy," Proceedings, Federal Reserve Bank of San Francisco, Federal Reserve Bank of San Francisco, issue Jun.
  2. Benkwitz, Alexander & L tkepohl, Helmut & Wolters, J rgen, 2001. "Comparison Of Bootstrap Confidence Intervals For Impulse Responses Of German Monetary Systems," Macroeconomic Dynamics, Cambridge University Press, Cambridge University Press, vol. 5(01), pages 81-100, February.
  3. Arturo José Galindo & Marc Hofstetter, 2008. "Mortgage Interest Rates, Country Risk and Maturity Matching in Colombia," DOCUMENTOS CEDE, UNIVERSIDAD DE LOS ANDES-CEDE 004544, UNIVERSIDAD DE LOS ANDES-CEDE.
  4. Ramchander, Sanjay & Simpson, Marc W & Webb, James R, 2003. "Macroeconomic News and Mortgage Rates," The Journal of Real Estate Finance and Economics, Springer, Springer, vol. 27(3), pages 355-77, November.
  5. repec:wop:humbsf:1999-29 is not listed on IDEAS
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Cited by:
  1. Hernando Vargas & Andrés Gonzalez & Ignacio Lozano, 2012. "Macroeconomic effects of structural fiscal policy changes in Colombia," BIS Papers chapters, Bank for International Settlements, in: Bank for International Settlements (ed.), Fiscal policy, public debt and monetary policy in emerging market economies, volume 67, pages 119-160 Bank for International Settlements.
  2. Andrés Felipe Londoño & Jorge Andrés Tamayo & Carlos Alberto Velásquez, 2012. "Dinámica de la política monetaria e inflación objetivo en Colombia: una aproximación FAVAR," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE, BANCO DE LA REPÚBLICA - ESPE.

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