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Cambios en los incentivos de los bancos como consecuencia de modificaciones en los esquemas de encaje

Author

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  • Agustín Saade Ospina
  • David Pérez-Reyna

Abstract

El uso del encaje como medida de política monetaria cobró relevancia desde 2007 en Colombia. Las modificaciones a los regímenes de encaje que se presentaron desde entonces cambiaron los incentivos de los establecimientos de crédito sobre sus preferencias de captación y sus respuestas de colocación. En este trabajo se plantea un modelo de organización industrial para analizar dichos cambios en los incentivos. Los resultados sugieren que incrementos en el requerimiento de encaje y disminuciones en la remuneración sobre el mismo para un tipo de depósitos generan recomposición hacia los demás, al igual que contracción en la cartera e incrementos en el margen de intermediación. Los resultados cualitativos son robustos ante diferentes parametrizaciones razonables. Este modelo puede ser utilizado como herramienta para medir los efectos de recomposición causados por cambios en los requerimientos de encaje y su estructura de remuneración.

Suggested Citation

  • Agustín Saade Ospina & David Pérez-Reyna, 2009. "Cambios en los incentivos de los bancos como consecuencia de modificaciones en los esquemas de encaje," Temas de Estabilidad Financiera 041, Banco de la Republica de Colombia.
    • Handle: RePEc:bdr:temest:041
    DOI: 10.32468/tef.41
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    References listed on IDEAS

    as
    1. Reinhart, Carmen M & Reinhart, Vincent R, 1999. "On the Use of Reserve Requirements in Dealing with Capital Flow Problems," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 4(1), pages 27-54, January.
    2. Gordon H. Sellon & Stuart E. Weiner, 1996. "Monetary policy without reserve requirements: analytical issues," Economic Review, Federal Reserve Bank of Kansas City, vol. 81(Q IV), pages 5-24.
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    Cited by:

    1. Christian Glocker & Pascal Towbin, 2012. "The Macroeconomic Effects of Reserve Requirements," WIFO Working Papers 420, WIFO.
    2. Hernando Vargas Herrera & Yanneth R Betancourt & Carlos Varela & Norberto Rodriguez, 2011. "Effects of reserve requirements in an inflation targeting regime: the case of Colombia," BIS Papers chapters, in: Bank for International Settlements (ed.), The global crisis and financial intermediation in emerging market economies, volume 54, pages 133-169, Bank for International Settlements.
    3. Glocker, Christian & Towbin, Pascal, 2015. "Reserve requirements as a macroprudential instrument – Empirical evidence from Brazil," Journal of Macroeconomics, Elsevier, vol. 44(C), pages 158-176.
    4. Santiago Caicedo & David Pérez-Reyna, 2010. "Implications on Households of Bank's Asset Substitution," Temas de Estabilidad Financiera 053, Banco de la Republica de Colombia.

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    More about this item

    Keywords

    Organización industrial; Política monetaria; Encaje bancario; Sistema financiero colombiano;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • L12 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Monopoly; Monopolization Strategies

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