IDEAS home Printed from https://ideas.repec.org/a/bdr/ensayo/y2020i98p1-120.html
   My bibliography  Save this article

Impacto de la intervención cambiaria y su duración

Author

Listed:
  • Hernán Rincón-Castro
  • Lucía Arango-Lozano
  • Sara Ariza-Murillo
  • Valeria Bejarano-Salcedo
  • Pamela Cardozo
  • Fredy Gamboa-Estrada
  • Juan Manuel Julio-Román
  • Laura León-Díaz
  • Camilo Miranda-Triana
  • William Moreno-Jiménez
  • José Antonio Ocampo
  • Julián A. Parra-Polanía
  • Carlos Andrés Quicazán-Moreno
  • Norberto Rodríguez-Niño
  • Daniela Rodríguez-Novoa
  • Juan Sebastián Rojas-Moreno
  • Andrés Sánchez-Jabba
  • Miguel Sarmiento-Paipilla
  • Mauricio Villamizar-Villegas
  • Héctor M. Zárate-Solano

Abstract

En las últimas dos décadas el Banco de la República de Colombia ha intervenido de manera asidua en el mercado cambiario, excepto en los últimos 5 años. Los objetivos son acumular reservas internacionales, aminorar excesos de volatilidad cambiaria y moderar desviaciones de la tasa de cambio respecto de su tendencia. Este artículo evalúa la magnitud y duración del impacto cambiario de los distintos tipos e instrumentos de intervención y deriva implicaciones de política. Los resultados más importantes son: primero, los canales de transmisión de la política cambiaria actúan en cierto grado y bajo ciertas condiciones. Segundo, los distintos tipos de intervención o instrumentos tienen un impacto limitado o nulo sobre la tasa de cambio y duran poco. Tercero, no se encuentra evidencia de que la intervención oral tenga efecto cambiario alguno. Cuarto, la estructura del mercado cambiario impacta el traspaso de la intervención por medio de su grado de liquidez. Quinto, las condiciones iniciales de la economía y el tipo de choque que experimente influyen en el tamaño, duración y grado de traspaso de la intervención. La implicación de política más importante es que la flotación cambiaria, como ha sucedido en los últimos años, es la política indicada. ****** ABSTRACT: In the last two decades, the Banco de la República de Colombia has assiduously intervened in the foreign exchange market, except in the last 5 years. The objectives are to accumulate international reserves, reduce excess of exchange rate volatility and moderate deviations of the exchange rate with respect to its trend. This article assesses the magnitude and duration of the exchange rate impact of the different types and instruments of foreign exchange intervention and derives policy implications. The most important results are: First, the transmission channels of exchange rate policy act to a certain degree and under certain conditions. Second, the different types of intervention or instruments have little or no impact on the exchange rate and are short-lived. Third, there is no evidence that oral intervention has any exchange rate effect. Fourth, the structure of the foreign exchange market impacts the transmission of the intervention through its degree of liquidity. Fifth, the initial conditions of the economy and the type of shock it experiences influence the size, duration, and degree of transmission of the intervention. The most important policy implication is that floating exchange rate, as has happened in recent years, is the right policy.

Suggested Citation

  • Hernán Rincón-Castro & Lucía Arango-Lozano & Sara Ariza-Murillo & Valeria Bejarano-Salcedo & Pamela Cardozo & Fredy Gamboa-Estrada & Juan Manuel Julio-Román & Laura León-Díaz & Camilo Miranda-Triana &, 2020. "Impacto de la intervención cambiaria y su duración," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, issue 98, pages 1-120, November.
  • Handle: RePEc:bdr:ensayo:y:2020:i:98:p:1-120
    as

    Download full text from publisher

    File URL: https://repositorio.banrep.gov.co/bitstream/handle/20.500.12134/9939/ESPE98.pdf?sequence=1&isAllowed=y
    Download Restriction: no
    ---><---

    Other versions of this item:

    More about this item

    Keywords

    Intervención cambiaria; tipos e instrumentos; canales de transmisión; impacto cambiario y duración; implicaciones de política; foreign exchange intervention policy; types and instruments; channels of transmisión; impact and duration; policy implications;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • C52 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Evaluation, Validation, and Selection

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bdr:ensayo:y:2020:i:98:p:1-120. 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: . General contact details of provider: https://edirc.repec.org/data/brcgvco.html .

    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.

    We have no bibliographic references for this item. You can help adding them by using 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 RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Clorith Angélica Bahos Olivera (email available below). General contact details of provider: https://edirc.repec.org/data/brcgvco.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.