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Flujos de Capital de Portafolio en Colombia


  • Jorge Hernán Toro-Córdoba
  • Fredy Gamboa-Estrada
  • Laura Viviana León-Díaz
  • Martha López
  • Lucía Arango-Lozano
  • Diego Alejandro Martínez-Cruz
  • Luis Fernando Melo-Velandia
  • Carlos Andrés Quicazán-Moreno
  • Hernán Rincón-Castro
  • Norberto Rodríguez-Niño
  • José Vicente Romero
  • Cristhian H. Ruiz-Cardozo
  • María Alejandra Ruiz-Sánchez
  • Andrés Sánchez-Jabba
  • Miguel Sarmiento
  • Mauricio Villamizar-Villegas


Este documento examina la evolución y los determinantes de los flujos de portafolio en la economía colombiana, los cuales comprenden las inversiones en títulos de deuda pública, acciones y bonos privados. Se identifican los cambios estructurales ocurridos en estos mercados durante los últimos años en respuesta a cambios regulatorios y de mercado. Se analiza estadísticamente la literatura internacional para economías emergentes y se ubica a Colombia en ese contexto. Se compara el comportamiento de los distintos mercados distinguiendo por instrumentos de inversión entre renta fija y renta variable, y según la base de inversionistas externos, entre fondos de inversión y fondos de pensiones. Se analizan y se comparan las reacciones de los inversionistas residentes y no residentes que participan en estos mercados frente a choques a las variables determinantes de estos flujos. Adicionalmente, se verifica si el comportamiento de los flujos de portafolio cambia a lo largo del ciclo financiero, comparando períodos de auge con períodos de descensos. Se estudia la forma como los flujos de portafolio reaccionan a las acciones de política monetaria, a fin de ofrecerle a la autoridad criterios que les permitan mitigar la alta volatilidad que estos flujos durante episodios de alta incertidumbre, externa o interna. **** ABSTRACT: This document examines the evolution and determinants of portfolio flows in the Colombian economy, which comprises investments on public debt bonds, shares, and private bonds. Structural changes along the last few years owed to either regulatory or market shocks are identified. The international literature on emerging markets regarding this issue is statistically assessed, and the Colombian economy is situated in that context. The behavior of different markets is evaluated by classifying investment instruments according to either fixed or variable returns, or according to the type of foreign investors: either investment funds or pension funds. The reaction of resident or non-resident investors that participate in these markets, to shocks of determinant variables is analyzed and compared. In addition, it is assessed whether the behavior of portfolio flows changes along the financial cycle by comparing periods of booms with periods of stress. The way in which portfolio flows react to actions of monetary policy is studied with the purpose of offering monetary authorities criteria that allow them to mitigate excessive volatility of such flows during periods of elevated external or internal uncertainty.

Suggested Citation

  • Jorge Hernán Toro-Córdoba & Fredy Gamboa-Estrada & Laura Viviana León-Díaz & Martha López & Lucía Arango-Lozano & Diego Alejandro Martínez-Cruz & Luis Fernando Melo-Velandia & Carlos Andrés Quicazán-M, 2023. "Flujos de Capital de Portafolio en Colombia," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, issue 105, pages 1-103, July.
  • Handle: RePEc:bdr:ensayo:y:2023:i:105:p:1-103

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    References listed on IDEAS

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    More about this item


    Flujos de portafolio; capitales financieros; financiamiento externo público; movimientos internacionales de capital; Portfolio flows; Financial capital flows; Foreign public financing; international capital movements;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets


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