IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this paper or follow this series

Flotación Cambiaria y Esterilización Monetaria: La Experiencia de Colombia

  • Sergio Clavijo

    ()

  • Carlos Varela

    ()

Registered author(s):

    El objetivo de este trabajo es analizar el drenaje de las reservas internacionales debido a los excesos monetarios(el llamado "efecto compensación"), en el contexto de la mayor flexibilización cambiaria colombiana del periodo 1990-2003. En este periodo el costo del arbitraje peso-dólar se ha visto alterado: mientras la flexibilización lo eleva, la desregulación cambiaria lo abarata. Adicionalmente, se evalúa el efecto diferencial que tiene exceso monetario cuanto se trata de crédito de tipo permanente respecto del temporal. Nuestras estimaciones econométricas, bajo diferentes enfoques (monetario, función de reacción, portafolio y keynesiano) nos permiten concluir que existe un "efecto compensación" relativamente alto (-0,78) y no muy diferente de menos uno, aun en el corto plazo y épocas de alta flexibilización cambiaria. También encontramos que este efecto está sustentado en el componente permanente del crédito (salvo en el caso del portafolio) y que probablemente ha sido inferior en cerca de 0,20 respecto al que se producía en los años ochentas, cuando se entregaban como utilidades al gobierno el efecto contable de la devaluación.

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL: http://www.banrep.gov.co/docum/ftp/borra256.pdf
    Download Restriction: no

    Paper provided by Banco de la Republica de Colombia in its series Borradores de Economia with number 256.

    as
    in new window

    Length:
    Date of creation:
    Date of revision:
    Handle: RePEc:bdr:borrec:256
    Contact details of provider: Postal: Cra 7 # 14-78 Piso 7
    Phone: (57-1) 3431111
    Fax: (57-1) 2841686
    Web page: http://www.banrep.org/publicaciones/pub_borra.htm
    Email:


    More information through EDIRC

    References listed on IDEAS
    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

    as in new window
    1. Salomón Kalmanovitz, 2001. "EL BANCO DE LA REPÚBLICA como Institución Independiente," BORRADORES DE ECONOMIA 002459, BANCO DE LA REPÚBLICA.
    2. Guillermo Mondiano & Rob Rennhack, 1989. "Movilidad De Capitales Y Politica Monetaria En Colombia," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE.
    3. Kouri, Pentti J K & Porter, Michael G, 1974. "International Capital Flows and Portfolio Equilibrium," Journal of Political Economy, University of Chicago Press, vol. 82(3), pages 443-67, May/June.
    4. Leiderman, Leonardo, 1984. "On the monetary-macro dynamics of Colombia and Mexico," Journal of Development Economics, Elsevier, vol. 14(1), pages 183-201.
    5. Kenneth Rogoff, 2002. "Dornbusch's Overshooting Model After Twenty-Five Years," IMF Working Papers 02/39, International Monetary Fund.
    6. Peter J. Montiel, 2003. "Tight Money in a Post-Crisis Defense of the Exchange Rate: What Have We Learned?," World Bank Research Observer, World Bank Group, vol. 18(1), pages 1-23.
    7. Krugman, Paul, 1979. "A Model of Balance-of-Payments Crises," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 11(3), pages 311-25, August.
    8. Blejer, Mario I & Leiderman, Leonardo, 1981. "A Monetary Approach to the Crawling-Peg System: Theory and Evidence," Journal of Political Economy, University of Chicago Press, vol. 89(1), pages 132-51, February.
    9. Edwards, Sebastian, 1984. "Coffee, money and inflation in Colombia," World Development, Elsevier, vol. 12(11-12), pages 1107-1117.
    10. Kamas, Linda, 1985. "External disturbances and the independence of monetary policy under the crawling peg in Colombia," Journal of International Economics, Elsevier, vol. 19(3-4), pages 313-327, November.
    11. Leonardo Villar & Hernán Rincón, 2001. "Flujos De Capital Y Régimenes Cambiarios En La Década De Los 90," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE.
    12. Sergio Clavijo, 2002. "Política Monetaria Y Cambiaria En Colombia: Progresos Y Desafíos (1991-2002)," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE.
    13. Brissimis, Sophocles N & Gibson, Heather D & Tsakalotos, Euclid, 2002. "A Unifying Framework for Analysing Offsetting Capital Flows and Sterilization: Germany and the ERM," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 7(1), pages 63-78, January.
    14. Alberto Carrasquilla, 1995. "Exchange Rate Bands and Shifts in the Stabilization Policy Regime: Issues Suggested by the Experience of Colombia," IMF Working Papers 95/42, International Monetary Fund.
    Full references (including those not matched with items on IDEAS)

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:bdr:borrec:256. 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: (Camilo Millán)

    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 references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link 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 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.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.