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La economía de los mercados de dos lados: aplicación al análisis de las tarjetas de pago en Colombia

Author

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  • David Bardey
  • Marcela Meléndez

Abstract

En este documento se analizan los retos de la política de competencia en el sector de las tarjetas de pago a la luz de las ensenanzas de la teoría de los mercados de dos lados, para entregar elementos sólidos de análisis que contribuyan a un mejor entendimiento de la industria y de la racionalidad que debe guiar la intervención pública en ella, teniendo como objetivo la maximización del bienestar social. La revisión de la literatura económica relevante se combina con un análisis empírico de la industria en Colombia, en el que por primera vez se utilizan datos a nivel de transacción suministrados por Visa y Redeban, bajo acuerdos de confidencialidad, a investigar cómo funcionan estos mercados en la práctica. Del trabajo empírico hay por lo menos cuatro tipos de hallazgos interesantes. En primer lugar, se encuentra una alto grado de dispersión en las Comisiones de Adquirencia que pagan los comercios a los bancos adquirentes, indicativa de una varianza sustancial en la capacidad de negociación de los comercios ante los bancos. En segundo lugar, los datos muestran una correlación positiva entre las TII y las CA y una correlación negativa entre las TII y las CM en los mercados de tarjetas de pago. En tercer lugar, una interpretación cautelosa de pruebas estadísticas de causalidad permite concluir que en el mercado de las tarjetas de crédito (i) las TII no causan las CA; (ii) las TII no causan las CM, ni las CM causan las TII; y (iii) las CM no causan las CA. En cuarto lugar, la evidencia econométrica acerca de la relación entre las TII, las CA y las CM y la actividad de la industria medida entre 2006 y 2011, permite concluir que en el mercado de tarjetas de crédito la TII tiene una relación positiva o nula con el tamano del mercado; la CA tiene una relación negativa o nula con el tamano del mercado; y la CM tiene una relación negativa con el número de transacciones realizadas (que debe ser una buena aproximación al número de tarjetahabientes). Estos resultados sugieren que la regulación de las TII desde 2006 ha frenado el desarrollo del mercado a través de los sistemas abiertos de pago.

Suggested Citation

  • David Bardey & Marcela Meléndez, 2012. "La economía de los mercados de dos lados: aplicación al análisis de las tarjetas de pago en Colombia," Documentos CEDE 10021, Universidad de los Andes, Facultad de Economía, CEDE.
  • Handle: RePEc:col:000089:010021
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    References listed on IDEAS

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    Cited by:

    1. Arango-Arango, Carlos A. & Betancourt-García, Yanneth Rocío & Restrepo-Bernal, Manuela, 2022. "An application of the tourist test to Colombian merchants," Latin American Journal of Central Banking (previously Monetaria), Elsevier, vol. 3(4).

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    More about this item

    Keywords

    Mercados de dos lados; tasa interbancaria de intercambio; politica de competencia;
    All these keywords.

    JEL classification:

    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation

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