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La internacionalización de la estructura temporal de tipos de interés española

Author

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  • PAYERAS LLODRÁ, M.

    (Universitat de les Illes Balears)

Abstract

España se halla inmersa en un proceso de creciente integración financiera, particularmente en el marco comunitario, tal y como se desprende del examen de un conjunto de indicadores presentados en este trabajo. Esta realidad pone en tela de juicio la capacidad explicativa de las denominadas teorías tradicionales de la estructura temporal de los tipos de interés, en tanto éstas consideraban que la ETTI venía determinada exclusivamente por factores domésticos. Razón que llevó a formular la denominada teoría de la exogénesis que, como principal novedad, consideraba que la ETTI de un país relativamente pequeño está determinada por la estructura temporal de otro país. El objetivo de este artículo es delimitar hasta qué punto el proceso de gradual apertura de nuestras fronteras ha supuesto la internacionalización de la ETTI española. Las consecuencias que se puedan derivar de este trabajo son importantes a la hora de elaborar las políticas económicas, especialmente la política monetaria. Spanish financial field has undergone important modifications, so it has been involved in a finacial integration process, particularly in the european context, as diferent indicators, presented in this work, show us. This reality casts doubt on the efficiency of the so-called traditional theories to explain the term structure of interest rates, because these theories take into account that only domestic factors determine the term structure of interest rates . Reason why a new theory was formulated, the exogenesi theory. Its main novelty was that considers that the term structure of interest rates for a small country could be determined by the term structure of another country.. The study aims to anlyse how the opening process of our financial market has implied the internationalization of the Spanish term structure.The results of this study are important in order to design the economic policy, mainly the monetary policy.

Suggested Citation

  • Payeras Llodrá, M., 1998. "La internacionalización de la estructura temporal de tipos de interés española," Estudios de Economía Aplicada, Estudios de Economía Aplicada, vol. 10, pages 89-120, Diciembre.
  • Handle: RePEc:lrk:eeaart:10_3_6
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    Keywords

    internationalization; Interest rates; Term Structure;

    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission

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