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
    as

    Download full text from publisher

    File URL: http://repositorio.banrep.gov.co/bitstream/handle/20.500.12134/9524/be_1058.pdf?sequence=8&isAllowed=y
    Download Restriction: no

    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

    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.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Clorith Angélica Bahos Olivera). General contact details of provider: http://edirc.repec.org/data/brcgvco.html .

    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.

    We have no references for this item. You can help adding them by using 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.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.