IDEAS home Printed from https://ideas.repec.org/p/bdr/borrec/114.html
   My bibliography  Save this paper

Los Equilibrios Macroeconómicos y el Banco Central:El Caso Colombiano

Author

Listed:
  • Salomón Kalmanovitz

Abstract

El Banco Central tiene su mayor impacto en la macroeconomía al determinar la oferta de dinero primario. De su cruce con la demanda por base monetaria se deriva cierta tasa de interés a la vista que se transmite con rezagos a los mercados monetarios de mayor plazo y conduce a la economía por una senda de expansión o contracción, en tanto la oferta de crédito apuntala la demanda por bienes durables, vivienda y financia nuevas inversiones o su disminución las aletarga.2 Con todo, la tasa de interés tiene sus propios determinantes, entre otros, la oferta de ahorro financiero y el nivel de riesgo que experimentan los agentes frente a las instituciones financieras o frente a la moneda del país. Este precio del dinero es entonces susceptible a las expectativas que tengan los agentes sobre el futuro y sobre la economía. Por lo tanto, la autoridad monetaria puede estar lejos de controlar todas las variables que inciden en la determinación de las tasas de interés. La tasa de interés debe ser compatible con otros equilibrios macroeconómicos: si es muy baja, por ejemplo, puede conducir a un exceso de actividad y a profundizar el desequilibrio externo del país por la vía del aumento de importaciones y una salida de capital o si es muy alta puede atraer capital externo y propiciar una revaluación de la moneda. En países en desarrollo es frecuente encontrar que los políticos se impacientan con el ritmo de expansión que lleva la economía o por la renuencia del sector privado a pagar impuestos y tienden a presionar por una mayor oferta monetaria que financie mayores niveles de crédito y de gasto público. Cuando estas presiones son exitosas, la inflación se incrementa e introduce cambios frecuentes de precios relativos, genera neblina en el sistema de información y, por lo tanto, induce la toma de decisiones equivocadas por los agentes económicos, tiende a revaluar la tasa de cambio, descrema los ingresos fijos y produce algunos ganadores (bancos y gobierno) sin que participen en act
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Salomón Kalmanovitz, 1999. "Los Equilibrios Macroeconómicos y el Banco Central:El Caso Colombiano," Borradores de Economia 114, Banco de la Republica de Colombia.
    • Handle: RePEc:bdr:borrec:114
    DOI: 10.32468/be.114
    as

    Download full text from publisher

    File URL: https://doi.org/10.32468/be.114
    Download Restriction: no
    File URL: https://libkey.io/10.32468/be.114?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
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. John Williamson, 1996. "Crawling Band as an Exchange Rate Regime: Lessons from Chile, Colombia and Israel, The," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 14.
    2. Roberto Steiner & Adolfo Barajas & Natalia Salazar Ferro, 1997. "El margen de intermediación bancaria en Colombia," Coyuntura Económica, Fedesarrollo, December.
    3. José Darío Uribe, 1994. "Inflación y Crecimiento Económico en Colombia: 1951-1992," Borradores de Economia 001, Banco de la Republica de Colombia.
    Full references (including those not matched with items on IDEAS)

    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. Constanza Martínez Ventura, 2005. "Una revisión empírica sobre los determinantes del margen de intermediación en Colombia, 1989-2003," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 23(48), pages 118-183, Junio.
    2. Gala, Paulo & Libânio, Gilberto, 2010. "Exchange rate policies, patterns of specialization and economic development: theory and evidence in developing countries," Textos para discussão 211, FGV EESP - Escola de Economia de São Paulo, Fundação Getulio Vargas (Brazil).
    3. Maurice Obstfeld, 2007. "The Renminbi's Dollar Peg at the Crossroads," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 25(S1), pages 29-56, December.
    4. Carlos Esteban Posada P., 1997. "Otro costo de una inflación perfectamente prevista," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 16(31), pages 5-33, June.
    5. Frenkel, Roberto & Rapetti, Martín, 2012. "Exchange rate regimes in the major Latin American countries since the 1950s: lessons from history," Revista de Historia Económica / Journal of Iberian and Latin American Economic History, Cambridge University Press, vol. 30(1), pages 157-188, January.
    6. Iregui, Ana María & Núñez, Héctor M. & Otero, Jesús, 2021. "Testing the efficiency of inflation and exchange rate forecast revisions in a changing economic environment," Journal of Economic Behavior & Organization, Elsevier, vol. 187(C), pages 290-314.
    7. María I. Campos & José L. Torres & Esmeralda Villegas, 2006. "The credibility of the Venezuela crawling-band system," Revista de Economía del Rosario, Universidad del Rosario, December.
    8. Shaghil Ahmed & Iffat Ara & Kalim Hyder, 2006. "How External Shocks and Exchange Rate Depreciations Affect Pakistan? Implications for Choice of an Exchange Rate Regime," SBP Research Bulletin, State Bank of Pakistan, Research Department, vol. 2, pages 61-68.
    9. Frankel, Jeffrey, 2003. "Experience of and Lessons from Exchange Rate Regimes in Emerging Economies," Working Paper Series rwp03-011, Harvard University, John F. Kennedy School of Government.
    10. Milas, Costas & Otero, Jesus, 2003. "Modelling official and parallel exchange rates in Colombia under alternative regimes: a non-linear approach," Economic Modelling, Elsevier, vol. 20(1), pages 165-179, January.
    11. Galindo, Arturo J. & Maloney, William F., 2002. "Second moments in speculative attack models: panel evidence," Journal of International Economics, Elsevier, vol. 56(1), pages 97-129, January.
    12. Vittorio Corbo & Klaus Schmidt-Hebbel, 2001. "Inflation Targeting in Latin America," Working Papers Central Bank of Chile 105, Central Bank of Chile.
    13. Naoyuki Yoshino & Sahoko Kaji & Tamon Asonuma, 2015. "Adjustments of Capital Account Restrictions and Exchange Rate Regimes in East Asia," Journal of International Commerce, Economics and Policy (JICEP), World Scientific Publishing Co. Pte. Ltd., vol. 6(03), pages 1-32.
    14. Mauricio Cardenas & Zeinab Partow, 1998. "Does Independence Matter? Case Studies from Colombia," Research Department Publications 3039, Inter-American Development Bank, Research Department.
    15. Jesus Otero & Manuel Ramirez, 2009. "Modelling the monetary policy reaction function of the Colombian Central Bank," Macroeconomics and Finance in Emerging Market Economies, Taylor & Francis Journals, vol. 2(1), pages 3-11.
    16. Garcia Rocabado, Daniel, 2010. "The road to monetary union in Latin America: An EMS-type fixed exchange rate system as an intermediate step," W.E.P. - Würzburg Economic Papers 85, University of Würzburg, Department of Economics.
    17. Tavlas, George & Dellas, Harris & Stockman, Alan C., 2008. "The classification and performance of alternative exchange-rate systems," European Economic Review, Elsevier, vol. 52(6), pages 941-963, August.
    18. Hernando Vargas, 1996. "Apertura, Encajes E Intermediación Financiera," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República, vol. 15(30), pages 5-40, December.
    19. Bofinger, Peter & Wollmershäuser, Timo, 2000. "Options For The Exchange Rate Policies Of The EU Accession Countries (And Other Emerging Market Economies)," CEPR Discussion Papers 2379, C.E.P.R. Discussion Papers.
    20. Javier Eliecer Pirateque-Niño & Daniela Rodríguez-Novoa & José Hernán Piñeros-Gordo, 2022. "Does monetary policy affect the net interest margin of credit institutions? Evidence from Colombia," Borradores de Economia 1197, Banco de la Republica de Colombia.

    More about this item

    NEP fields

    This paper has been announced in the following NEP Reports:

    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:114. 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.