IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this article or follow this journal

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

  • Franz Hamann

    ()

  • Hernando Vargas

    ()

  • Andrés Gónzalez

    ()

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

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://economia.uniandes.edu.co/revistadys/66/02_Politica_monetaria.pdf
Download Restriction: no

Article provided by UNIVERSIDAD DE LOS ANDES-CEDE in its journal REVISTA DESARROLLO Y SOCIEDAD.

Volume (Year): (2010)
Issue (Month): ()
Pages:

as
in new window

Handle: RePEc:col:000090:008769
Contact details of provider:

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

as in new window
  1. 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 355-77, November.
  2. Arturo José Galindo & Marc Hofstetter, 2008. "Mortgage Interest Rates, Country Risk and Maturity Matching in Colombia," DOCUMENTOS CEDE 004544, UNIVERSIDAD DE LOS ANDES-CEDE.
  3. Benkwitz, Alexander & Lütkepohl, Helmut & Wolters, Jürgen, 1999. "Comparison of Bootstrap Confidence Intervals for Impulse Responses of German Monetary Systems," CEPR Discussion Papers 2208, C.E.P.R. Discussion Papers.
  4. Lawrence J. Christiano & Martin Eichenbaum & Charles Evans, 2001. "Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy," NBER Working Papers 8403, National Bureau of Economic Research, Inc.
Full references (including those not matched with items on IDEAS)

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:col:000090:008769. 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: (Universidad De Los Andes-Cede)

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.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with 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 profile, as there may be some citations waiting for confirmation.

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

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.