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Estimación del Efecto Ingreso Sobre los Balances Financieros de los Sectores Público y Privado: 1996-2000

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  • Freddy Cepeda
  • Carlos Varela

Abstract

En este trabajo se presenta una estimación del efecto de las variaciones de las tasas de interés y de la tasa de cambio sobre el flujo de caja de los agentes del sector real en el período comprendido entre 1996 y 2000. Para la estimación de los efectos, se realiza un ejercicio de tipo estático, donde se consideran solamente los balances financieros1 de los sectores privado y público no financieros. El balance financiero del sector público no financiero se obtiene a partir de las cuentas de dicho sector, mientras que el balance del sector privado no financiero se calcula como residual a partir de los balances de los sectores público no financiero, externo y del sistema financiero. Al mismo tiempo, debido a limitaciones en la información, esta metodología no incluye el financiamiento intra-sectorial, es decir, no se consideran los préstamos otorgados dentro de agentes de un mismo sector. El trabajo se compone de cinco secciones. En la segunda se hace un recuento del canal de transmisión de la política monetaria, a través del balance general de los agentes económicos. En la tercera se presenta, a partir de la información estimada de los balances, la evolución de la posición financiera neta de los sectores público y privado no financieros. En la cuarta y quinta secciones, se estima el impacto sobre el flujo de caja de los agentes de las variaciones en la tasa de interés y las tasas de cambio. En la sección final se presentan las conclusiones.
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Suggested Citation

  • Freddy Cepeda & Carlos Varela, 2002. "Estimación del Efecto Ingreso Sobre los Balances Financieros de los Sectores Público y Privado: 1996-2000," Borradores de Economia 209, Banco de la Republica de Colombia.
  • Handle: RePEc:bdr:borrec:209
    DOI: 10.32468/be.209
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    References listed on IDEAS

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    1. José M. González Mínguez, 1997. "The Balance-Sheet Transmission Channel of Monetary Policy: The Cases of Germany and Spain," Working Papers 9713, Banco de España.
    2. Bennett T. McCallum, 2001. "Analysis of the Monetary Transmission Mechanism: Methodological Issues," Palgrave Macmillan Books, in: Deutsche Bundesbank (ed.), The Monetary Transmission Process, chapter 1, pages 11-59, Palgrave Macmillan.
    3. Frederic S. Mishkin, 1996. "The Channels of Monetary Transmission: Lessons for Monetary Policy," NBER Working Papers 5464, National Bureau of Economic Research, Inc.
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