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Efectos de la política monetaria sobre las tasas de interés de los créditos hipotecarios en Colombia


Author Info

  • Hernando Vargas Herrera


  • Franz Hamann


  • Andrés González



Este artículo presenta un análisis cuantitativo del impacto de la política monetaria sobre las tasas de interés de los créditos hipotecarios, tanto en el largo como en el corto plazo. En primer lugar, los resultados de los ejercicios econométricos confirman la existencia de una relación de cointegración, ya antes encontrada por Galindo y Hofstetter (2008), entre las tasas de interés de los créditos hipotecarios (TICH) y los rendimientos de los títulos de deuda pública (TES). A diferencia de dicho estudio, se concluye que en el largo plazo la relación entre ambas tasas es uno a uno. Por consiguiente, tanto la política monetaria (a través de una meta de inflación baja y creíble) como la política fiscal (a través de una mayor solvencia fiscal) pueden contribuir a reducir las TICH en el largo plazo. Segundo, en el corto plazo, se encuentra que una innovación de 100 puntos base a la tasa de interés de política del Banco de la República se transmite al spreads TICH-TES con un rezago de seis a 10 meses y tiene un efecto máximo de 40-60 pb, después de controlar por sus efectos sobre otras variables macroeconómicas.

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Bibliographic Info

Paper provided by BANCO DE LA REPÚBLICA in its series BORRADORES DE ECONOMIA with number 006858.

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Length: 11
Date of creation: 18 Mar 2010
Date of revision:
Handle: RePEc:col:000094:006858

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Keywords: Política monetaria; tasas de interés; crédito de vivienda; Colombia.;

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  1. Benkwitz, Alexander & L tkepohl, Helmut & Wolters, J rgen, 2001. "Comparison Of Bootstrap Confidence Intervals For Impulse Responses Of German Monetary Systems," Macroeconomic Dynamics, Cambridge University Press, Cambridge University Press, vol. 5(01), pages 81-100, February.
  2. Lawrence J. Christiano & Martin Eichenbaum & Charles L. Evans, 2001. "Nominal rigidities and the dynamic effects of a shock to monetary policy," Working Paper Series, Federal Reserve Bank of Chicago WP-01-08, Federal Reserve Bank of Chicago.
  3. Arturo José Galindo & Marc Hofstetter, 2008. "Mortgage Interest Rates, Country Risk and Maturity Matching in Colombia," DOCUMENTOS CEDE, UNIVERSIDAD DE LOS ANDES-CEDE 004544, UNIVERSIDAD DE LOS ANDES-CEDE.
  4. Ramchander, Sanjay & Simpson, Marc W & Webb, James R, 2003. "Macroeconomic News and Mortgage Rates," The Journal of Real Estate Finance and Economics, Springer, Springer, vol. 27(3), pages 355-77, November.
  5. repec:wop:humbsf:1999-29 is not listed on IDEAS
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Cited by:
  1. Hernando Vargas & Andrés González & Ignacio Lozano, 2012. "Macroeconomic Effects of Structural Fiscal Policy Changes in Colombia," Borradores de Economia 691, 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.


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