Advanced Search
MyIDEAS: Login to save this article or follow this journal

Posición externa de largo plazo y tipo de cambio real de equilibrio en Colombia


Author Info

  • Ojeda Joya, Jair


  • Torres, Jhon Edwar



Resumen: En este trabajo se calcula un nivel de equilibrio para los Activos Externos Netos de Colombia (AEN), y se estudian sus implicaciones sobre el Tipo de Cambio Real (TCR). Para determinar el nivel de equilibrio de AEN, se estima un vector de cointegración con un panel de datos con efectos fijos ajustado por medio de Mínimos Cuadrados Dinámicos. A partir del nivel de largo plazo estimado de AEN, se analizan las implicaciones sobre el TCR a través de la metodología de Sostenibilidad Externa, la cual permite derivar niveles ideales de la cuenta corriente y del TCR. Los principales resultados indican que durante los últimos años, el nivel de AEN se ha ubicado cerca a sus niveles de largo plazo. Además, el TCR ha estado por encima de sus niveles ideales debido a que los balances en cuenta corriente observados han sido mejores que los niveles normativos que esta estimación implica.Abstract: This paper calculates an equilibrium level for Net Foreign Assets (NFA) in Colombia, and discusses its implications for the real exchange rate (RER). In order to obtain the equilibrium level of NFA, we estimate a cointegrating vector with fixed-effects panel data adjusted by using Dynamic Least Squares (DOLS). From this estimated long-run level of NFA, we analyze the implications on the RER by means of the External Sustainability methodology, which allows deriving ideal levels for the current account and the RER. Our main results show that the NFA levels have been close to their long-run levelsin recent years. Furthermore, the RER has fluctuated above its ideal levels because the observed current account has been better than the normative levels implied by this estimation.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL:
Download Restriction: no

Bibliographic Info


Volume (Year): (2012)
Issue (Month): ()

as in new window
Handle: RePEc:col:000174:010680

Contact details of provider:

Related research

Keywords: Activos Externos Netos; Norma de Cuenta Corriente; Cuenta Corriente Subyacente; Tipo de Cambio Real;

Other versions of this item:

Find related papers by JEL classification:


References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
as in new window
  1. Burcu Aydin, 2010. "Exchange Rate Assessment for Sub-Saharan Economies," IMF Working Papers, International Monetary Fund 10/162, International Monetary Fund.
  2. Hali J. Edison & Francis Vitek, 2009. "Australia and New Zealand Exchange Rates," IMF Working Papers, International Monetary Fund 09/7, International Monetary Fund.
  3. Luc Eyraud, 2009. "Madagascar," IMF Working Papers, International Monetary Fund 09/107, International Monetary Fund.
  4. Jushan Bai & Serena Ng, 2001. "A Panic Attack on Unit Roots and Cointegration," Economics Working Paper Archive, The Johns Hopkins University,Department of Economics 469, The Johns Hopkins University,Department of Economics.
  5. Anke Weber & Chunfang Yang, 2011. "Armenia," IMF Working Papers, International Monetary Fund 11/20, International Monetary Fund.
  6. Philip Lane & Gian Maria Milesi-Ferretti, 2001. "THE EXTERNAL WEALTH OF NATIONS: Measures of Foreign Assets and Liabilities For Industrial and Developing Countries," Trinity Economics Papers, Trinity College Dublin, Department of Economics 20014, Trinity College Dublin, Department of Economics.
  7. Jaewoo Lee & Jonathan David Ostry & Alessandro Prati & Luca Antonio Ricci & Gian-Maria Milesi-Ferretti, 2008. "Exchange Rate Assessments," IMF Occasional Papers, International Monetary Fund 261, International Monetary Fund.
  8. International Monetary Fund, 2010. "A Historical Public Debt Database," IMF Working Papers, International Monetary Fund 10/245, International Monetary Fund.
  9. Lone Engbo Christiansen & Alessandro Prati & Luca Antonio Ricci & Thierry Tressel, 2009. "External Balance in Low Income Countries," IMF Working Papers, International Monetary Fund 09/221, International Monetary Fund.
  10. Maurice Obstfeld & Kenneth S. Rogoff, 1996. "Foundations of International Macroeconomics," MIT Press Books, The MIT Press, The MIT Press, edition 1, volume 1, number 0262150476, December.
  11. Bussière, Matthieu & Ca' Zorzi, Michele & Chudik, Alexander & Dieppe, Alistair, 2010. "Methodological advances in the assessment of equilibrium exchange rates," Working Paper Series, European Central Bank 1151, European Central Bank.
  12. Kejriwal, Mohitosh & Perron, Pierre, 2008. "Data Dependent Rules For Selection Of The Number Of Leads And Lags In The Dynamic Ols Cointegrating Regression," Econometric Theory, Cambridge University Press, Cambridge University Press, vol. 24(05), pages 1425-1441, October.
  13. Peter Isard, 2007. "Equilibrium Exchange Rates," IMF Working Papers, International Monetary Fund 07/296, International Monetary Fund.
  14. Martin Wagner & Jaroslava Hlouskova, 2010. "The Performance of Panel Cointegration Methods: Results from a Large Scale Simulation Study," Econometric Reviews, Taylor & Francis Journals, Taylor & Francis Journals, vol. 29(2), pages 182-223.
Full references (including those not matched with items on IDEAS)



This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.


Access and download statistics


When requesting a correction, please mention this item's handle: RePEc:col:000174:010680. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Laura Maria Posada Arboleda).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.