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El efecto Balassa-Samuelson en Colombia

  • Rafael Puyana Martínez-Villaba

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    El efecto Balassa-Samuelson (B-S) establece que aumentos en la productividad de los sectores transables deberían llevar a un incremento del nivel de precios de los no transables y, por tanto, a una apreciación real de la tasa de cambio. En este trabajo se evalúa la ocurrencia del efecto B-S en Colombia utilizando información de la industria manufacturera. Los resultados muestran indicios de que se cumple el efecto B-S ya que la productividad relativa de sectores transables y no transables nacionales está relacionada de manera directa con los precios relativos de bienes no transables. Adicionalmente, agregando información de la industria de Estados Unidos, muestran que la productividad de los sectores transables nacionales relativa a los estadounidenses podría estar detrás de los movimientos de la tasa de cambio real bilateral.

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    Paper provided by Banco de la Republica de Colombia in its series Borradores de Economia with number 630.

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    Handle: RePEc:bdr:borrec:630
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    1. Juan José Echavarría & María Angélica Arbeláez & María Fernanda Rosales, . "La Productividad y sus Determinantes: El Caso de la Industria Colombiana," Borradores de Economia 374, Banco de la Republica de Colombia.
    2. jair Ojeda Joya, 2009. "Purchasing Power Parity and Breaking Trend Functions in the Real Exchange Rate," BORRADORES DE ECONOMIA 005521, BANCO DE LA REPÚBLICA.
    3. David, Paul A, 1972. "Just How Misleading Are Official Exchange Rate Conversions?," Economic Journal, Royal Economic Society, vol. 82(327), pages 979-90, September.
    4. Eslava, Marcela & Haltiwanger, John & Kugler, Adriana & Kugler, Maurice, 2004. "The effects of structural reforms on productivity and profitabality enhancing reallocation: evidence from Colombia," Discussion Paper Series In Economics And Econometrics 0408, Economics Division, School of Social Sciences, University of Southampton.
    5. Gloria Alonso & Juan Nicolás Hernandez & José David Pulido & Martha Lucía Villa, . "Medidas alternativas de tasa de cambio real para Colombia," Borradores de Economia 514, Banco de la Republica de Colombia.
    6. Ana María Iregui & Ligia Alba Melo & María Teresa Ramírez, . "Rigideces de los salarios a la baja en Colombia: Evidencia empírica a partir de una muestra de salarios a nivel de firma," Borradores de Economia 571, Banco de la Republica de Colombia.
    7. Kenneth Rogoff, 1996. "The Purchasing Power Parity Puzzle," Journal of Economic Literature, American Economic Association, vol. 34(2), pages 647-668, June.
    8. Asea, Patrick K & Mendoza, Enrique G, 1994. "The Balassa-Samuelson Model: A General-Equilibrium Appraisal," Review of International Economics, Wiley Blackwell, vol. 2(3), pages 244-67, October.
    9. Hernán Rincón & Edgar Caicedo & Norberto Rodríguez, 2005. "Exchange Rate Pass-Through Effects : A Disaggregate Analysis Of Colombian Imports Of Manufactured Goods," BORRADORES DE ECONOMIA 002682, BANCO DE LA REPÚBLICA.
    10. Kenneth Rogoff, 1992. "Traded Goods Consumption Smoothing and the Random Walk Behavior of the Real Exchange Rate," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 10(2), pages 1-29, November.
    11. De Gregorio, Jose & Giovannini, Alberto & Wolf, Holger C., 1994. "International evidence on tradables and nontradables inflation," European Economic Review, Elsevier, vol. 38(6), pages 1225-1244, June.
    12. Bela Balassa, 1964. "The Purchasing-Power Parity Doctrine: A Reappraisal," Journal of Political Economy, University of Chicago Press, vol. 72, pages 584.
    13. Menzie Chinn & Louis Johnston, 1996. "Real Exchange Rate Levels, Productivity and Demand Shocks: Evidence from a Panel of 14 Countries," NBER Working Papers 5709, National Bureau of Economic Research, Inc.
    14. Josip Tica & Ivo Družić, 2006. "The Harrod-Balassa-Samuelson Effect: A Survey of Empirical Evidence," EFZG Working Papers Series 0607, Faculty of Economics and Business, University of Zagreb.
    15. Juan Jose Echavarría & Enrique López Enciso & Martha Misas Arango, . "Desalineamiento de la Tasa de Cambio, Destorcidas de Cuenta Corriente y Ataques Especulativos en Colombia," Borradores de Economia 500, Banco de la Republica de Colombia.
    16. Leonardo Villar & Pilar Esguerra, 2005. "El Comercio Exterior Colombiano En El Siglo Xx," BORRADORES DE ECONOMIA 002468, BANCO DE LA REPÚBLICA.
    17. Richard C. Marston, 1990. "Systematic Movements in Real Exchange Rates in the G-5: Evidence on theIntegration of Internal and External Markets," NBER Working Papers 3332, National Bureau of Economic Research, Inc.
    18. Hsieh, David A., 1982. "The determination of the real exchange rate : The productivity approach," Journal of International Economics, Elsevier, vol. 12(3-4), pages 355-362, May.
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