IDEAS home Printed from https://ideas.repec.org/a/col/000107/006898.html
   My bibliography  Save this article

Encajes bancarios y tasas de interés

Author

Listed:
  • Rocío Betancourt

    ()

  • Hernando Vargas

    ()

Abstract

Los requerimientos de encaje perdieron importancia como instrumento de la política monetariaen la medida en que el crecimiento de los agregados monetarios dejó de ser el objetivo intermedio dela política en varios países. Sin embargo, algunos bancos centrales que utilizan las tasas de interéscomo instrumento de política han hecho uso de los encajes para fortalecer el control monetario en ciertas coyunturas. ¿Cuál es la efectividad de los encajes en un régimen que, por construcción, endogeniza la oferta monetaria para estabilizar las tasas de interés de corto plazo? En este documento se analiza teóricamente el efecto que pueden tener los encajes sobre la tasa de interés de los créditos y sobre la cartera del sistema financiero bajo un esquema monetario de tasas de interés. Se encuentra que dicho efecto depende de la existencia de incertidumbre sobre latasa de interés de política futura y del consecuente riesgo que deben enfrentar los intermediarios financieros cuando los plazos de los créditos y los depósitos bancarios difieren de los plazos del crédito del banco central.

Suggested Citation

  • Rocío Betancourt & Hernando Vargas, 2009. "Encajes bancarios y tasas de interés," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE, vol. 27(59), pages 158-186, June.
  • Handle: RePEc:col:000107:006898
    as

    Download full text from publisher

    File URL: http://www.banrep.gov.co/sites/default/files/publicaciones/archivos/espe_059-5.pdf
    Download Restriction: no

    Other versions of this item:

    References listed on IDEAS

    as
    1. Fabozzi, Frank J. & Thurston, Thom B., 1986. "State Taxes and Reserve Requirements as Major Determinants of Yield Spreads among Money Market Instruments," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 21(04), pages 427-436, December.
    2. Joshua N. Feinman, 1993. "Reserve requirements: history, current practice, and potential reform," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Jun, pages 569-589.
    3. Heller, Daniel & Lengwiler, Yvan, 2003. "Payment obligations, reserve requirements, and the demand for central bank balances," Journal of Monetary Economics, Elsevier, vol. 50(2), pages 419-432, March.
    4. Cothren, Richard D & Waud, Roger N, 1994. "On the Optimality of Reserve Requirements," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 26(4), pages 827-838, November.
    5. Yanneth Rocío Betancourt & Hernando Vargas Herera, 2008. "Encajes bancarios y la estrategia de inflación objetivo," BORRADORES DE ECONOMIA 005110, BANCO DE LA REPÚBLICA.
    6. Xavier Freixas & Jean-Charles Rochet, 1997. "Microeconomics of Banking," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262061937, January.
    7. Fama, Eugene F., 1985. "What's different about banks?," Journal of Monetary Economics, Elsevier, vol. 15(1), pages 29-39, January.
    8. Scott E. Hein & Jonathan D. Stewart, 2002. "Reserve requirements: A modern perspective," Economic Review, Federal Reserve Bank of Atlanta, issue Q4, pages 41-52.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Bustamante, Christian & Hamann, Franz, 2015. "Countercyclical reserve requirements in a heterogeneous-agent and incomplete financial markets economy," Journal of Macroeconomics, Elsevier, vol. 46(C), pages 55-70.
    2. Esteban Gómez & Angélica Lizarazo & Juan Carlos Mendoza & Andrés Murcia, 2017. "Evaluating the Impact of Macroprudential Policies in Colombia's Credit Growth," Borradores de Economia 980, Banco de la Republica de Colombia.
    3. Hernando Vargas Herrera & Pamela Cardozo, 2012. "The Use of Reserve Requirements in an Optimal Monetary Policy Framework," BORRADORES DE ECONOMIA 009824, BANCO DE LA REPÚBLICA.
    4. Hernando Vargas & Pamela Cardozo, 2013. "El uso de encajes en un marco de política monetaria óptima," REVISTA DESARROLLO Y SOCIEDAD, UNIVERSIDAD DE LOS ANDES-CEDE, December.
    5. Carrera, César, 2012. "Políticas de Encajes y Modelos Económicos," Working Papers 2012-006, Banco Central de Reserva del Perú.
    6. Christian Bustamante, 2011. "Política monetaria contracíclica y encaje bancario," BORRADORES DE ECONOMIA 008202, BANCO DE LA REPÚBLICA.
    7. Pérez-Forero, Fernando & Vega, Marco, 2014. "The Dynamic Effects of Interest Rates and Reserve Requirements," Working Papers 2014-018, Banco Central de Reserva del Perú.
    8. Esteban Gómez & Angélica Lizarazo & Juan Carlos Mendoza & Andrés Murcia Pabón, 2017. "Evaluating the impact of macroprudential policies on credit growth in Colombia," BIS Working Papers 634, Bank for International Settlements.

    More about this item

    Keywords

    encajes bancarios; inflación objetivo; riesgo de tasa de interés.;

    JEL classification:

    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

    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:col:000107:006898. 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: (Espe). General contact details of provider: .

    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 CitEc recognized a reference but did not link an item in RePEc 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 RePEc Author Service 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.

    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.