Advanced Search
MyIDEAS: Login to save this paper or follow this series

Intervenciones cambiarias y política monetaria en Colombia. Un análisis de VAR estructural

Contents:

Author Info

  • Juan José Echavarría

    ()

  • Enrique López E.

    ()

  • Martha Misas A.

    ()

Abstract

Se utiliza la metodología VAR estructural para evaluar el impacto conjunto de las intervenciones cambiarias y de la política monetaria convencional sobre la tasa de cambio, la tasa de interés y las demás variables del sistema. Se encuentra que las compras netas de divisas devalúan significativamente la tasa de cambio nominal durante un período cercano a 1 mes, en parte debido a que las compras no han sido esterilizadas en su totalidad, y a que han anunciado una política monetaria expansiva en el futuro (el llamado canal de signaling). Ello plantea conflictos potenciales de política en un régimen de inflación objetivo. La tasa de cambio nominal aparece determinada con igual fuerza por variables nominales y reales. No se encuentra evidencia de la paridad no cubierta, quizá por la incapacidad de capturar adecuadamente variables como el riesgo y las expectativas de tasa de cambio y de precios.

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: http://www.banrep.gov.co/docum/ftp/borra580.pdf
Download Restriction: no

Bibliographic Info

Paper provided by BANCO DE LA REPÚBLICA in its series BORRADORES DE ECONOMIA with number 006127.

as in new window
Length: 37
Date of creation: 17 Nov 2009
Date of revision:
Handle: RePEc:col:000094:006127

Contact details of provider:

Related research

Keywords: Intervención cambiaria; política monetaria; VAR estructural.;

Other versions of this item:

Find related papers by JEL classification:

This paper has been announced in the following NEP Reports:

References

No references listed on IDEAS
You can help add them by filling out this form.

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
  1. Hernán Rincón & Jorge Toro, . "Are Capital Controls and Central Bank Intervention Effective?," Borradores de Economia 625, Banco de la Republica de Colombia.
  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.
  3. Mauricio Lopera Castaño & Ramón Javier Mesa Callejas & Sergio Iván Restrepo Ochoa & Charle Augusto Londoño Henao, 2013. "Modelando el esquema de intervenciones del tipo de cambio para Colombia. una aplicación empírica de la técnica de regresión del cuantil bajo redes neu," REVISTA CUADERNOS DE ECONOMÍA, UN - RCE - CID, UN - RCE - CID.
  4. Hernando Vargas Herrera & Andrés González & Diego Rodríguez, 2013. "Foreign Exchange Intervention in Colombia," Borradores de Economia 757, Banco de la Republica de Colombia.

Lists

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

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:col:000094:006127. 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: (Clorith Angélica Bahos Olivera).

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.