IDEAS home Printed from https://ideas.repec.org/a/col/000195/012366.html
   My bibliography  Save this article

El trilema de la política monetaria en Colombia no se cumple

Author

Listed:
  • Gustavo Adolfo Díaz Valencia

Abstract

Resumen El artículo hace una presentación de la política monetaria y cambiaria en Colombia durante la última década con énfasis en el posible cumplimiento del trilema monetario, el cual establece que la principal implicación de la política monetaria es determinar una tasa de cambio deseable para lograr los propósitos del comercio internacional; una tasa de interés apetecible para incentivar la actividad productiva, y una mayor movilidad de capitales compatible con el funcionamiento de la meta inflación objetivo. De otra parte, se verificará la imposibilidad del trilema considerando la paridad descubierta de las tasas de interés en un ambiente macroeconómico caracterizado por una tasa de cam- bio flexible, pero revaluada, una baja tasa de interés doméstica y una incertidumbre del mercado financiero internacional, lo cual se ha reflejado en un aumento de los saldos de la cuenta de capital y financiera, especialmente los pasivos, y en un mayor déficit de la cuenta corriente.

Suggested Citation

  • Gustavo Adolfo Díaz Valencia, 2013. "El trilema de la política monetaria en Colombia no se cumple," Revista CIFE, Universidad Santo Tomás, June.
    • Handle: RePEc:col:000195:012366
    as

    Download full text from publisher

    File URL: http://revistas.usantotomas.edu.co/index.php/cife/article/view/1415
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Dominick Stephens, 2004. "The equilibrium exchange rate according to PPP and UIP," Reserve Bank of New Zealand Discussion Paper Series DP 2004/03, Reserve Bank of New Zealand.
    2. Aarón Garavito A. & Ana María Iregui & María Teresa Ramírez G., 2012. "Inversión Extranjera Directa en Colombia: Evolución reciente y marco normativo," Borradores de Economia 9655, Banco de la Republica.
    3. Corrinne Ho & Robert N. McCauley, 2003. "Living with flexible exchange rates: issues and recent experience in inflation targeting emerging market economies," BIS Working Papers 130, Bank for International Settlements.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Magdalena Correo Henao & Daniela Amaya Castro & Mario Andrés Ospina Ramírez & Federico Suárez Ricaurte, 2021. "Pobreza y desigualdad prospectiva 2030. XXI jornadas de derecho constitucional constitucionalismo en ransformación. Prospectiva 2030," Books, Universidad Externado de Colombia, Facultad de Derecho, number 1298.
    2. M. S. Mohanty & Marc Klau, 2005. "Monetary Policy Rules in Emerging Market Economies: Issues and Evidence," Springer Books, in: Rolf J. Langhammer & Lúcio Vinhas Souza (ed.), Monetary Policy and Macroeconomic Stabilization in Latin America, pages 205-245, Springer.
    3. Arslan Razmi, 2007. "The Contractionary Short-Run Effects of Nominal Devaluation in Developing Countries: Some Neglected Nuances," International Review of Applied Economics, Taylor & Francis Journals, vol. 21(5), pages 577-602.
    4. Ilker Domaç & Eray M. Yücel, 2005. "What Triggers Inflation in Emerging Market Economies?," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 141(1), pages 141-164, April.
    5. Bank Indonesia, 2007. "Financial Deepening to Support Monetary Stability and Sustainable Economic Growth," Occasional Papers, South East Asian Central Banks (SEACEN) Research and Training Centre, number occ47.
    6. Jihene Bousrih, 2012. "Degree of openness and inflation targeting policy: model of a small open economy," Journal of Financial Economic Policy, Emerald Group Publishing Limited, vol. 4(3), pages 232-246, July.
    7. de Mello Luiz & Moccero Diego & Mogliani Matteo, 2013. "Do Latin American Central Bankers Behave Non-Linearly? The Experiences of Brazil, Chile, Colombia and Mexico," Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 17(2), pages 141-165, April.
    8. Peter Wilson, 2005. "Prospects for Asian Exchange Rate Cooperation: Why an ERM Solution Might be the Most Palatable," Journal of the Asia Pacific Economy, Taylor & Francis Journals, vol. 11(1), pages 1-34.
    9. Ball, Christopher P. & Reyes, Javier, 2008. "Inflation targeting or fear of floating in disguise? A broader perspective," Journal of Macroeconomics, Elsevier, vol. 30(1), pages 308-326, March.
    10. María Luz Moyano Buitrago & José Mauricio Gil León, 2015. "Efectos de la inversión extranjera directa sobre el crecimiento económico en Colombia: evidencia empírica 2000-2010," Apuntes del Cenes, Universidad Pedagógica y Tecnológica de Colombia, June.
    11. Jeffrey Frankel & David Parsley & Shang-Jin Wei, 2012. "Slow Pass-through Around the World: A New Import for Developing Countries?," Open Economies Review, Springer, vol. 23(2), pages 213-251, April.
    12. Sanchez-Fung, Jose R., 2002. "Inflation targeting and monetary analysis in Chile and Mexico," Economics Discussion Papers 2002-7, School of Economics, Kingston University London.
    13. Rita Fradique Lourenço, 2004. "Exchange Rate Regimes: A Global Picture Since the Emerging Market Crises in the Mid 1990s," Economic Bulletin and Financial Stability Report Articles and Banco de Portugal Economic Studies, Banco de Portugal, Economics and Research Department.
    14. Hai Long Vo & Duc Hong Vo, 2023. "The purchasing power parity and exchange‐rate economics half a century on," Journal of Economic Surveys, Wiley Blackwell, vol. 37(2), pages 446-479, April.
    15. Andrea Salazar-Díaz & Aarón Levi Garavito-Acosta & Sergio Restrepo Ángel & Leidy Viviana Arcila-Agudelo, 2023. "Real Equilibrium Exchange Rate in Colombia: Thousands of VEC Models Approach," Lecturas de Economía, Universidad de Antioquia, Departamento de Economía, issue 99, pages 33-78, July-Dece.
    16. Jorge Enrique Restrepo Londono, 1998. "Reglas monetarias en una economía pequena y abierta," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República, vol. 17(33), pages 61-84, July.
    17. Demosthenes N. Tambakis, 2007. "Fear of Floating and Social Welfare," International Journal of Central Banking, International Journal of Central Banking, vol. 3(3), pages 183-204, September.
    18. Grossmann, Axel & Orlov, Alexei G., 2022. "Exchange rate misalignments, capital flows and volatility," The North American Journal of Economics and Finance, Elsevier, vol. 60(C).
    19. Pami Dua & Upasna Gaur, 2010. "Determination of inflation in an open economy Phillips curve framework: the case of developed and developing Asian countries," Macroeconomics and Finance in Emerging Market Economies, Taylor & Francis Journals, vol. 3(1), pages 33-51.
    20. Marko Malovic, 2007. "Exchange Rate Regimes and Monetary Policies in Emerging Markets: A Showdown for Few Theoretical Misconceptions," Economic Analysis, Institute of Economic Sciences, vol. 40(1-2), pages 17-28.

    More about this item

    Keywords

    Trilema monetario; revaluación; política monetaria; paridad descubierta; tasa de interés.;
    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

    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:000195:012366. See general information about how to correct material in RePEc.

    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 bibliographic 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.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Jorge Enrique Martínez Carvajal (email available below). General contact details of provider: https://edirc.repec.org/data/festaco.html .

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

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.