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

Author

Listed:
  • Franz Hamann

    ()

  • Hernando Vargas

    ()

  • Andrés Gónzalez

    ()

Abstract

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 cien puntos base a la tasa de interés de política del Banco de la República se transmite al spread tich-tes con un rezago de seis a diez meses y tiene un efecto máximo de 140 y 160 pb, después de controlar por sus efectos sobre otras variables macroeconómicas.monetaria.pd

Suggested Citation

  • Franz Hamann & Hernando Vargas & Andrés Gónzalez, 2010. "Efectos de la política monetaria sobre las tasas de interés de los créditos hipotecarios en Colombia," Revista Desarrollo y Sociedad, Universidad de los Andes - CEDE, December.
  • Handle: RePEc:col:000090:008769
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    References listed on IDEAS

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    1. Benkwitz, Alexander & Lütkepohl, Helmut & Wolters, Jürgen, 2001. "Comparison Of Bootstrap Confidence Intervals For Impulse Responses Of German Monetary Systems," Macroeconomic Dynamics, Cambridge University Press, vol. 5(1), pages 81-100, February.
    2. Lawrence J. Christiano & Martin Eichenbaum & Charles L. Evans, 2005. "Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy," Journal of Political Economy, University of Chicago Press, vol. 113(1), pages 1-45, February.
    3. Ramchander, Sanjay & Simpson, Marc W & Webb, James R, 2003. "Macroeconomic News and Mortgage Rates," The Journal of Real Estate Finance and Economics, Springer, vol. 27(3), pages 355-377, November.
    4. Arturo José Galindo & Marc Hofstetter, 2008. "Mortgage Interest Rates, Country Risk and Maturity Matching in Colombia," Documentos CEDE 004544, Universidad de los Andes - CEDE.
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    Cited by:

    1. Durán-Vanegas, Juan David, 2016. "The Determinants of Bank Interest Rate Margins in the Colombian Housing Credit Market," MPRA Paper 86376, University Library of Munich, Germany.
    2. Andrés Felipe Londoño & Jorge Andrés Tamayo & Carlos Alberto Velásquez, 2012. "Dinámica de la política monetaria e inflación objetivo en Colombia: una aproximación FAVAR," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 30(68), pages 14-71, June.
    3. John Jairo García & Nathalia Cadavid & Érika Aristizábal, 2018. "Efectos del crédito hipotecario sobre el precio de la vivienda nueva NO VIS en Medellín," Documentos de Trabajo CIEF 017009, Universidad EAFIT.

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    More about this item

    Keywords

    política monetaria; tasas de interés; crédito de vivienda; Colombia.;
    All these keywords.

    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy

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