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Descalces cambiarios de las firmas no financieras en Colombia

  • Sergio Restrepo Ángel

    ()

  • Jorge Niño Cuervo

    ()

  • Enrique Montes Uribe

    ()

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.

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Paper provided by Banco de la Republica de Colombia in its series Borradores de Economia with number 805.

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Length: 36
Date of creation: Jan 2014
Date of revision:
Handle: RePEc:bdr:borrec:805
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