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

Author

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  • 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
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    References listed on IDEAS

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    1. 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.
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    More about this item

    Keywords

    Derivados financieros; cobertura cambiaria; forwards; tasa de cambio; Financial derivatives; currency hedges; forwards; exchange rate;

    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

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