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Descalces cambiarios de las firmas no financieras en Colombia

Author

Listed:
  • Sergio Restrepo Ángel

    ()

  • Jorge Niño Cuervo

    ()

  • Enrique Montes Uribe

    ()

Abstract

Usando una base de datos tipo panel con una muestra de firmas del sector real colombiano, se determina que las empresas en Colombia no calzan la composición por monedas de sus pasivos con la de sus activos e ingresos. Siguiendo la metodología de Cowan et. al (2005), se encontró que una depreciación de 10% del tipo de cambio real, similar a la ocurrida en Colombia en 1999, provoca una reducción de 3% en la tasa de inversión en activos fijos de aquellas firmas con la mitad de su deuda en dólares comparadas con aquellas que tienen cero, ceteris paribus. Los resultados muestran la importancia de tener una medición adecuada del grado de exposición cambiaria de la firma al momento de cuantificar los efectos de una depreciación sobre inversión y producción.

Suggested Citation

  • Sergio Restrepo Ángel & Jorge Niño Cuervo & Enrique Montes Uribe, 2014. "Descalces cambiarios de las firmas no financieras en Colombia," Borradores de Economia 805, Banco de la Republica de Colombia.
  • Handle: RePEc:bdr:borrec:805
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    Cited by:

    1. Michael Chui & Emese Kuruc & Philip Turner, 2016. "A new dimension to currency mismatches in the emerging markets - non-financial companies," BIS Working Papers 550, Bank for International Settlements.

    More about this item

    Keywords

    Descalce cambiario; datos panel; tasa de cambio; coberturas cambiarias. Classification JEL: F10; F31; C23;

    JEL classification:

    • F10 - International Economics - - Trade - - - General
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models

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