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Capital flows and financial assets in Colombia: recent behaviour, consequences and challenges for the central bank

In: Financial globalisation and emerging market capital flows

  • Hernando Vargas
  • Carlos Varela

This paper analyzes the evolution and impact of capital flows in Colombia over the pastfive years. An examination of the nature and composition of the capital flows indicatesthat to large extent they have originated in foreign direct investment, especially in theoil and mining sectors. The repercussions of capital flows for the stability and fragilityof the financial system are also discussed. Finally, some of the challenges faced by theauthorities in dealing with the implications of capital flows for the conduct of monetaryand exchange rate policies are presented

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This chapter was published in:
  • Bank for International Settlements, 2008. "Financial globalisation and emerging market capital flows," BIS Papers, Bank for International Settlements, number 44, December.
  • This item is provided by Bank for International Settlements in its series BIS Papers chapters with number 44-09.
    Handle: RePEc:bis:bisbpc:44-09
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    1. Carolina Gómez Restrepo & Diego Jara Pinzón & Andrés Murcia Pabón, 2006. "Impacto De Las Operaciones De Los Fondos De Pensiones Obligatorias En Los Mercados Financieros Colombianos," BORRADORES DE ECONOMIA 002806, BANCO DE LA REPÚBLICA.
    2. Rocío Betancourt & Hernando Vargas & Norberto Rodríguez., 2008. "Interest Rate Pass-Through in Colombia: a Micro-Banking Perspective," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 45(131), pages 29-58.
    3. Alper, C. Emre & Saglam, Ismail, 1999. "The Equilibrium Real Exchange Rate: Evidence from Turkey," MPRA Paper 1924, University Library of Munich, Germany.
    4. Elbadawi, Ibrahim A. & Soto, Raimundo, 1994. "Capital flows and long-term equilibrium real exchange rates in Chile," Policy Research Working Paper Series 1306, The World Bank.
    5. Fernando Tenjo & Luisa F. Charrry V. & Martha López & Juan M. Ramírez, 2007. "Acelerador Financiero y Ciclos Económicos en Colombia: Un Ejercicio Exploratorio," BORRADORES DE ECONOMIA 004019, BANCO DE LA REPÚBLICA.
    6. Luis Eduardo Arango & Andrés González & John Jairo León & Luis Fernando Melo, . "Efectos de los cambios en la tasa de intervención del Banco de la República sobre la estructura a plazo," Borradores de Economia 424, Banco de la Republica de Colombia.
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