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Política monetaria contracíclica y encaje bancario

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  • Christian Bustamante

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Abstract

A pesar de que el encaje bancario era un instrumento de política monetaria que venía cayendo en desuso, recientemente, varios países lo han empleado con aparente éxito en el marco de una política monetaria contracíclica y macroprudencial. Surge entonces la pregunta de si dicho éxito se dio por la utilización del encaje per se, o porque el encaje reforzó el efecto de la política de tasas de interés. Para responder este interrogante, se construye un modelo de equilibrio general con agentes heterogéneos e intermediarios financieros aversos al riesgo. Se encuentra que un manejo contracíclico del encaje bancario contribuye a reducir marginalmente la volatilidad de las fluctuaciones del consumo. Su efecto cobra mayor importancia a medida que los bancos son más aversos al riesgo.

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Bibliographic Info

Paper provided by BANCO DE LA REPÚBLICA in its series BORRADORES DE ECONOMIA with number 008202.

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Length: 30
Date of creation: 22 Mar 2011
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Handle: RePEc:col:000094:008202

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Keywords: Política monetaria; encaje bancario; intermediación financiera; modelos de equilibrio general; agentes heterogéneos.;

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Cited by:
  1. Tovar, Camilo & Garcia-Escribano, Mercedes & Vera, Mercedes, 2012. "El crecimiento del crédito y la efectividad de los requerimientos de encaje y otros instrumentos macroprudenciales en América Latina," Revista Estudios Económicos, Banco Central de Reserva del Perú, issue 24, pages 45-64.
  2. Ramiro Rodríguez Revilla, 2011. "Modelos de equilibrio general dinámicos y estocásticos para Colombia 1995-2011," REVISTA ECOS DE ECONOMÍA, UNIVERSIDAD EAFIT.
  3. Miguel Ángel Morales M., 2011. "Concentración y Estabilidad Financiera: el Caso del Sistema Bancario Colombiano," DOCUMENTOS CEDE 009250, UNIVERSIDAD DE LOS ANDES-CEDE.
  4. Carrera, César, 2012. "Políticas de Encajes y Modelos Económicos," Working Papers 2012-006, Banco Central de Reserva del Perú.

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