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Encajes bancarios y la estrategia de inflación objetivo


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  • Yanneth Rocío Betancourt


  • Hernando Vargas



Tradicionalmente los requerimientos de encaje han sido vistos como un instrumento clave de la política monetaria, sin embargo, recientemente éstos han sido menos esenciales dado que el crecimiento de los agregados monetarios ha dejado de ser el objetivo de política de muchos países. A pesar del desmonte gradual de los encajes durante la década de los noventa en varios países, en ciertas coyunturas específicas países como Colombia han hecho uso de políticas de encajes para fortalecer el control monetario. De esta forma, el análisis de los encajes es de interés a la hora de evaluar la efectividad de dichas políticas bajo los diferentes regímenes monetarios (metas intermedias sobre agregados monetarios e inflación objetivo). En este documento se encuentra que aún bajo el esquema de inflación objetivo, los encajes pueden tener un efecto sobre la tasa de interés de los créditos y sobre la cartera del sistema financiero, dada la incertidumbre sobre la tasa de interés de política futura y el consecuente riesgo que deben enfrentar los intermediarios financieros cuando los plazos de los créditos y los depósitos bancarios difieren de los plazos del crédito del Banco Central.

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Paper provided by Banco de la Republica de Colombia in its series Borradores de Economia with number 533.

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Handle: RePEc:bdr:borrec:533

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Keywords: Encajes Bancarios; Inflación Objetivo; Riesgo de tasa de interés. Classification JEL: E51; E52; G21.;

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Cited by:
  1. Adolfo Meisel & Juan D. Barón, 2010. "Un análisis histórico de la independencia de la banca central en América Latina: la experiencia colombiana, 1923-2008," CUADERNOS DE HISTORIA ECONÓMICA Y EMPRESARIAL 006406, BANCO DE LA REPÚBLICA - ECONOMÍA REGIONAL.
  2. Christian Glocker & Pascal Towbin, 2012. "The Macroeconomic Effects of Reserve Requirements," WIFO Working Papers, WIFO 420, WIFO.
  3. Miguel Urrutia & Marc Hofstetter & Franz Hamann, 2014. "Inflation Targeting in Colombia, 2002-2012," IDB Publications 84274, Inter-American Development Bank.


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