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La culpa es del Yankee: Correlaciones e ineficiencias en el mercado de dinero

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  • Santiago Gutiérrez V.

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  • Michel Formisano P.
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    Abstract

    Los cambios en las tasas de interés de los bonos globales colombianos -mecanismo de transmisión de las presiones de los mercados internacionales sobre el mercado localson los principales causantes de las fluctuaciones en el mercado de dinero doméstico. Este fenómeno parece haberse acentuado incluso después de que los problemas del mercado de TES de fin de 2002 indujeron la conformación de portafolios más diversificados y la adopción de actitudes más conservadoras frente a los riesgos de mercado. Al tiempo, los cambios en la tasa de interés interbancaria, en el tipo de cambio del dólar y en las tasas de los TES, tienen efectos muy tenues sobre dicho mercado. Por otra parte, los datos del crédito interbancario muestran claras oportunidades de arbitraje que están desaprovechando los intermediarios financieros.

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    Bibliographic Info

    Paper provided by ASOBANCARIA in its series APUNTES DE BANCA Y FINANZAS with number 002959.

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    Length: 23
    Date of creation: 31 Oct 2003
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    Handle: RePEc:col:000086:002959

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    1. Barry Eichengreen & Ashoka Mody, 1999. "Lending Booms, Reserves, and the Sustainability of Short-Term Debt: Inferences from the Pricing of Syndicated Bank Loans," NBER Working Papers 7113, National Bureau of Economic Research, Inc.
    2. Barry Eichengreen & Ricardo Hausmann, 1999. "Exchange Rates and Financial Fragility," NBER Working Papers 7418, National Bureau of Economic Research, Inc.
    3. Enrique G. Mendoza, 2001. "Credit, Prices, and Crashes: Business Cycles with a Sudden Stop," NBER Working Papers 8338, National Bureau of Economic Research, Inc.
    4. Vivek B. Arora & Martin D. Cerisola, 2000. "How Does U.S. Monetary Policy Influence Economic Conditions in Emerging Markets?," IMF Working Papers 00/148, International Monetary Fund.
    5. Reinhart, Carmen & Calvo, Guillermo, 2000. "When Capital Inflows Come to a Sudden Stop: Consequences and Policy Options," MPRA Paper 6982, University Library of Munich, Germany.
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    Cited by:
    1. Franz Hamann & Julián Pérez & Paulina Restrepo, 2005. "Sobre los Efectos Macroeconómicos de la Composición de la Deuda Pública en Colombia," BORRADORES DE ECONOMIA 003510, BANCO DE LA REPÚBLICA.
    2. Franz Hamann & Julián Pérez & Paulina Restrepo, 2005. "On the Macroeconomic Effects of Public Debt Substitution," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE.

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