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Controles a la entrada de capitales y volatilidad de la tasa de cambio: la experiencia colombiana

Author

Listed:
  • Andrés Mauricio Vargas P.
  • Camilo Riviera P.

Abstract

En este artículo se investiga el impacto de los controles a la entrada de capitales en la volatilidad de la tasa de cambio y si estos ayudaron a aislar al país de los choques externos. Se examina la experiencia colombiana en el periodo mayo 2007 a junio 2008, cuando el Banco Central utilizó esta herramienta para limitar la apreciación de la moneda en un contexto de endurecimiento de la política monetaria y el inicio de la crisis subprime en Estados Unidos. Los principales resultados son que el control a la entrada de capitales: (i) no debilita la moneda;, (ii) no aísla a la economía de los choques externos; y (iii) no tiene incidencia en la volatilidad de la tasa de cambio. Se analiza el mercado de derivados de tasa de cambio durante el periodo y se presenta evidencia que sugiere que estos instrumentos permitieron a los participantes del mercado especular contra la moneda, diluyendo la efectividad de los controles.

Suggested Citation

  • Andrés Mauricio Vargas P. & Camilo Riviera P., 2009. "Controles a la entrada de capitales y volatilidad de la tasa de cambio: la experiencia colombiana," Coyuntura Económica, Fedesarrollo, June.
    • Handle: RePEc:col:000438:012703
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    File URL: http://hdl.handle.net/11445/312
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    More about this item

    Keywords

    Control de Capitales; Volatilidad de la Tasa de Cambio; Tasa de Cambio; Derivados;
    All these keywords.

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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