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La experiencia colombiana bajo un régimen de fluctuación controlada del tipo de cambio: el papel de las intervenciones bancarias

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  • Hernández Monsalve, Mauricio A.
  • Mesa, Ramón Javier

Abstract

Resumen: El comportamiento de la política colombiana de los últimos anos, asociado con el conjunto de intervenciones ejercidas en el mercado de divisas, es el hecho estilizado que motivó este estudio. El objetivo de éste es medir el tamano relativo de las intervenciones cambiarias durante 2004 y 2006, período de revaluación del peso, y calcular su efectividad en cuanto a los efectos sobre la media y la varianza de la tasa de cambio nominal. La determinación del tipo de cambio por medio de un modelo de balance de portafolio y el uso de índices de intervención en el mercado de divisas demuestran que las intervenciones del Banco de la República con miras a defender el régimen de flotación controlada, han tenido efectos pequenos y transitorios en el nivel y la varianza del tipo de cambio.

Suggested Citation

  • Hernández Monsalve, Mauricio A. & Mesa, Ramón Javier, 2006. "La experiencia colombiana bajo un régimen de fluctuación controlada del tipo de cambio: el papel de las intervenciones bancarias," Revista Lecturas de Economía, Universidad de Antioquia, CIE, September.
    • Handle: RePEc:col:000174:005533
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    Cited by:

    1. Mauricio Lopera Castano & Ramón Javier Mesa Callejas & Sergio Iván Restrepo Ochoa & Charle Augusto Londono Henao, 2013. "Modelando el esquema de intervenciones del tipo de cambio para Colombia. una aplicación empírica de la técnica de regresión del cuantil bajo redes neu," Revista Cuadernos de Economia, Universidad Nacional de Colombia, FCE, CID, May.

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    More about this item

    Keywords

    intervenciones estilizadas; régimen cambiario; flotación controlada; mercado cambiario; tipo de cambio; modelo de portafolio;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • 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
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions

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