IDEAS home Printed from https://ideas.repec.org/p/bdr/borrec/1058.html
   My bibliography  Save this paper

El uso de forwards peso dólar en las empresas colombianas del sector real

Author

Listed:
  • Viviana Alejandra Alfonso Corredor

    (Banco de la República de Colombia)

Abstract

Desde hace más de 20 años, Colombia cuenta con un mercado de derivados financieros, y desde hace 10 con una plataforma de negociación para instrumentos estandarizados. Sin embargo, la participación de las empresas colombianas del sector real en este mercado es muy baja. Para una muestra de más de 5.000 firmas del sector real colombiano, tan sólo el 17% utiliza estos instrumentos, cifra inferior a lo observado en economías avanzadas donde el porcentaje es superior al 60%. La evidencia indica una concentración significativa en el uso de forwards de tasa de cambio y un uso esporádico de este tipo de coberturas cambiarias. Las empresas con operaciones de comercio exterior, deuda en moneda extranjera y con mayores ingresos operacionales son las principales usuarias de las coberturas a través de forwards. Reformas encaminadas al uso más generalizado de estos instrumentos podrían reducir significativamente las consecuencias negativas de las fluctuaciones fuertes del tipo de cambio en el sector real colombiano. **** RESUMEN: More than 20 years ago, a market for financial derivatives started in Colombia, and more than 10 years ago it was launched a trading platform for standardized instruments. However, the portion of Colombian non financial firms that relies on derivatives contracts is very low. For a sample of more than 5.000 firms, only 17% uses these derivatives, a share that is small when compared with advanced economies where it is higher than 60%. Evidence indicates a significant concentration in the use of Exchange rate forwards and sporadic use of this type of hedges. Firms with international trade, debt in foreing currency and with higher income are the main users of hedges through forwards. Reforms aimed to a more widespread use of these instruments could significantly reduce the negative consequences of strong fluctuations of the exchange rate in the Colombian real sector.

Suggested Citation

  • Viviana Alejandra Alfonso Corredor, 2018. "El uso de forwards peso dólar en las empresas colombianas del sector real," Borradores de Economia 1058, Banco de la Republica de Colombia.
    • Handle: RePEc:bdr:borrec:1058
    DOI: 10.32468/be.1058
    as

    Download full text from publisher

    File URL: https://doi.org/10.32468/be.1058
    Download Restriction: no
    File URL: https://libkey.io/10.32468/be.1058?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Bodnar, Gordon M. & Gebhardt, Günther, 1998. "Derivatives usage in risk management by U.S. and German non-financial firms: A comparative survey," CFS Working Paper Series 1998/17, Center for Financial Studies (CFS).
    2. Sergio Restrepo �ngel & Jorge Ni�o Cuervo & Enrique Montes Uribe, 2014. "Descalces cambiarios de las firmas no financieras en Colombia," Borradores de Economia 11126, Banco de la Republica.
    3. Enrique Montes U. & Aar�n Garavito & Mar�a del Pilar Esguerra, 2010. "Venezuela como destino de las exportaciones colombianas: Evoluci�n reciente y efecto sobre el panorama exportador y las firmas colombianas," Borradores de Economia 7484, Banco de la Republica.
    4. Sergio Restrepo �ngel & Jorge Ni�o Cuervo & Enrique Montes Uribe, 2014. "Descalces cambiarios de las firmas no financieras en Colombia," Borradores de Economia 11126, Banco de la Republica.
    5. Hoa Nguyen & Robert Faff, 2002. "On The Determinants of Derivative Usage by Australian Companies," Australian Journal of Management, Australian School of Business, vol. 27(1), pages 1-24, June.
    6. Ashcraft, Adam B. & Santos, João A.C., 2009. "Has the CDS market lowered the cost of corporate debt?," Journal of Monetary Economics, Elsevier, vol. 56(4), pages 514-523, May.
    7. Allayannis, George & Brown, Gregory W. & Klapper,Leo, 2001. "Exchange rate risk management : evidence from East Asia," Policy Research Working Paper Series 2606, The World Bank.
    8. Amrit Judge, 2006. "Why and How UK Firms Hedge," European Financial Management, European Financial Management Association, vol. 12(3), pages 407-441, June.
    9. Enrique Montes U. & Aarón Garavito & María del Pilar Esguerra U., 2010. "Venezuela como destino de las exportaciones colombianas: Evolución reciente y efecto sobre el panorama exportador y las firmas colombian," Borradores de Economia 621, Banco de la Republica de Colombia.
    10. Michael G. Papaioannou, 2006. "Exchange Rate Risk Measurement and Management: Issues and Approaches for Firms," South-Eastern Europe Journal of Economics, Association of Economic Universities of South and Eastern Europe and the Black Sea Region, vol. 4(2), pages 129-146.
    11. Lane, Philip & Milesi-Ferretti, Gian Maria, "undated". "External Wealth of Nations," Instructional Stata datasets for econometrics extwealth, Boston College Department of Economics.
    12. Teodora Paligorova & Rhonda Staskow, 2014. "The Use of Financial Derivatives by Canadian Firms," Bank of Canada Review, Bank of Canada, vol. 2014(Autumn), pages 47-54.
    13. Miguel Ángel Martin, 2009. "Derivatives Usage By Non-Financial Firms In Emerging Markets: The Peruvian Case," Journal of Economics, Finance and Administrative Science, Universidad ESAN, vol. 14(27), pages 73-86.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Sara Ariza-Murillo & Fredy Gamboa-Estrada & Camilo Andrés Orozco-Vanegas, 2023. "El impacto potencial de los movimientos de portafolio de los inversionistas extranjeros sobre la tasa de cambio en Colombia," Borradores de Economia 1261, Banco de la Republica de Colombia.
    2. Merchan Alvarez, Federico Alberto, 2023. "Export impact on dividend policy for big Colombian exporting firms, 2006-2014," Kiel Working Papers 2243, Kiel Institute for the World Economy (IfW Kiel).
    3. Sara Ariza-Murillo & Ittza Alejandra Barreto-Ramírez & Diego Alejandro Martínez-Cruz & Cristhian Hernando Ruiz-Cardozo, 2022. "Caracterización del mercado de contado y forward peso-dólar en Colombia: un análisis de la microestructura del mercado durante el periodo 2013 a 2020," Borradores de Economia 1203, Banco de la Republica de Colombia.
    4. Pamela Cardozo & Fredy Gamboa-Estrada & Jesahel Higuera-Barajas, 2019. "El rol del sector real en el mercado de derivados y su impacto sobre la tasa de cambio," Borradores de Economia 1079, Banco de la Republica de Colombia.

    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. Humala, Alberto, 2019. "Corporate earnings sensitivity to FX volatility and currency exposure: evidence from Peru," Working Papers 2019-021, Banco Central de Reserva del Perú.
    2. Camila Casas & Sergii Meleshchuk & Yannick Timmer, 2020. "The Dominant Currency Financing Channel of External Adjustment," Borradores de Economia 1111, Banco de la Republica de Colombia.
    3. David C. López-Valenzuela & Enrique Montes-Uribe & Héctor M. Zárate-Solano & Alvaro Carmona-Duarte, 2019. "Determinantes y evolución entre precios y cantidades de las exportaciones industriales de Colombia: un estudio a partir de un modelo de Panel-VAR," Borradores de Economia 1075, Banco de la Republica de Colombia.
    4. Adolfo Barajas & Sergio Restrepo & Roberto Steiner & Juan Camilo Medellín & César Pabón, 2016. "Balance Sheet Effects in Colombian Non-Financial Firms," Working Papers Series. Documentos de Trabajo 15228, Fedesarrollo.
    5. Paweł Ożga, 2012. "Instrumenty pochodne w spółkach notowanych na Giełdzie Papierów Wartościowych w Warszawie," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 4, pages 127-151.
    6. Diego Hernán Rodríguez, 2014. "Transmisión del efecto cambiario a la economía de la frontera Colombo–Venezolana," Ensayos sobre Economía Regional (ESER) 59, Banco de la Republica de Colombia.
    7. Klimczak, Karol Marek, 2007. "Risk Management Theory: A comprehensive empirical assessment," MPRA Paper 4241, University Library of Munich, Germany.
    8. Tatiana A. Mora-Arbel�ez & Andres J. Garcia-Bernal & Jose E. Gomez-Gonzalez & Mauricio Villamizar-Villegas, 2015. "Una Historia Exhaustiva de la Regulaci�n Financiera en Colombia," Borradores de Economia 12934, Banco de la Republica.
    9. Qi-an Chen & Xu Zhao & Guohong Zhang, 2023. "Large-scale sports events, sports gambling market and promotion risk management: Theoretical model and case analysis based on option hedging theory," PLOS ONE, Public Library of Science, vol. 18(6), pages 1-22, June.
    10. Anthony Carroll & Fergal O'Brien & James Ryan, 2017. "An Examination of European Firms’ Derivatives Usage: The Importance of Model Selection," European Financial Management, European Financial Management Association, vol. 23(4), pages 648-690, September.
    11. Andrés J. García Bernal & Jos� E. G�mez-Gonz�lez & Tatiana A. Mora-Arbel�ez & Mauricio Villamizar-Villegas, 2015. "Una historia exhaustiva de la regulación financiera en Colombia: El caso del encaje bancario, derivados financieros y riesgos de crédito," Coyuntura Económica, Fedesarrollo, vol. 45(2), pages 221-268.
    12. Tatiana A. Mora-Arbeláez & Andres J. Garcia-Bernal & Jose E. Gomez-Gonzalez & Mauricio Villamizar-Villegas, 2015. "Una Historia Exhaustiva de la Regulación Financiera en Colombia," Borradores de Economia 887, Banco de la Republica de Colombia.
    13. Mai, Nhat Chi, 2010. "An investigation of the factors influencing the development of corporate bonds market: the case of Kenyan financial market," OSF Preprints 3prdz, Center for Open Science.
    14. Michael Chui & Emese Kuruc & Philip Turner, 2016. "A new dimension to currency mismatches in the emerging markets - non-financial companies," BIS Working Papers 550, Bank for International Settlements.
    15. David Camilo López & Enrique López Enciso & Enrique Montes, 2015. "Colombia en el comercio mundial (1992-2012): desempeño de las exportaciones colombianas," Borradores de Economia 885, Banco de la Republica de Colombia.
    16. Catherine Wolfram & Orie Shelef & Paul Gertler, 2012. "How Will Energy Demand Develop in the Developing World?," Journal of Economic Perspectives, American Economic Association, vol. 26(1), pages 119-138, Winter.
    17. Vassilis Monastiriotis & Cigdem Borke Tunali, 2020. "The Sustainability of External Imbalances in the European Periphery," Open Economies Review, Springer, vol. 31(2), pages 273-294, April.
    18. Steiner, Andreas, 2013. "The accumulation of foreign exchange by central banks: Fear of capital mobility?," Journal of Macroeconomics, Elsevier, vol. 38(PB), pages 409-427.
    19. Agnès Bénassy‐Quéré & Lionel Fontagné & Horst Raff, 2011. "Exchange‐rate Misalignments in Duopoly: The Case of Airbus and Boeing," The World Economy, Wiley Blackwell, vol. 34(4), pages 623-641, April.
    20. Antonia López Villavicencio & Josep Lluís Raymond Bara, 2006. "The short and long-run determinants of the real exchange rate in Mexico," Working Papers wpdea0606, Department of Applied Economics at Universitat Autonoma of Barcelona.

    More about this item

    Keywords

    Derivados financieros; cobertura cambiaria; forwards; tasa de cambio; Financial derivatives; currency hedges; forwards; exchange rate;
    All these keywords.

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

    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:bdr:borrec:1058. 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: Clorith Angélica Bahos Olivera (email available below). General contact details of provider: https://edirc.repec.org/data/brcgvco.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.