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Quiebre estructural en la relación del apetito global por riesgo con el EMBI-Colombia : el papel de la política fiscal

In: Flujos de capitales, choques externos y respuestas de política en países emergentes

Author

Listed:
  • Julio-Román, Juan Manuel
  • Lozano-Espitia, Luis Ignacio
  • Melo-Becerra, Ligia Alba

Abstract

Se muestra que el EMBI-Colombia está determinado por el apetito por riesgo de los inversionistas internacionales y que la respuesta es no lineal y está influenciada por la postura fiscal del gobierno. Se encuentra, también, que la relación entre estas variables sufrió un cambio estructural favorable en la mitad de la primera década del siglo XXI, que parece estar asociado a los mejores fundamentales macroeconómicos locales y al deterioro del entorno internacional.

Suggested Citation

  • Julio-Román, Juan Manuel & Lozano-Espitia, Luis Ignacio & Melo-Becerra, Ligia Alba, 2013. "Quiebre estructural en la relación del apetito global por riesgo con el EMBI-Colombia : el papel de la política fiscal," Chapters, in: Rincón-Castro, Hernán & Velasco, Andrés M. (ed.), Flujos de capitales, choques externos y respuestas de política en países emergentes, chapter 15, pages 601-626, Banco de la Republica de Colombia.
    • Handle: RePEc:bdr:bdrcap:2013-09-601-626
    DOI: 10.32468/Ebook.664-270-5
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    Citations

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    Cited by:

    1. Ignacio Lozano-Espitia & Fernando Arias-Rodríguez, 2022. "The Relationship between Fiscal and Monetary Policies in Colombia: An Empirical Exploration of the Credit Risk Channel," Borradores de Economia 1196, Banco de la Republica de Colombia.
    2. Lozano-Espitia, Ignacio & Arias-Rodríguez, Fernando, 2022. "The Relationship between Fiscal and Monetary Policies in Colombia: An Empirical Exploration of the Credit Channel," Latin American Journal of Central Banking (previously Monetaria), Elsevier, vol. 3(4).

    More about this item

    Keywords

    Impuestos; Cambio estructural; Precios; Riesgo; Colombia; Taxes; Structural change; Prices; Risk; Colombia;
    All these keywords.

    JEL classification:

    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • P22 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Prices
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory

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