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La culpa es del Yankee: Correlaciones e ineficiencias en el mercado de dinero

  • Santiago Gutiérrez V.


  • Michel Formisano P.
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    Los cambios en las tasas de interés de los bonos globales colombianos -mecanismo de transmisión de las presiones de los mercados internacionales sobre el mercado localson los principales causantes de las fluctuaciones en el mercado de dinero doméstico. Este fenómeno parece haberse acentuado incluso después de que los problemas del mercado de TES de fin de 2002 indujeron la conformación de portafolios más diversificados y la adopción de actitudes más conservadoras frente a los riesgos de mercado. Al tiempo, los cambios en la tasa de interés interbancaria, en el tipo de cambio del dólar y en las tasas de los TES, tienen efectos muy tenues sobre dicho mercado. Por otra parte, los datos del crédito interbancario muestran claras oportunidades de arbitraje que están desaprovechando los intermediarios financieros.

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    Paper provided by ASOBANCARIA in its series APUNTES DE BANCA Y FINANZAS with number 002959.

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    Length: 23
    Date of creation: 31 Oct 2003
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    Handle: RePEc:col:000086:002959
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    1. Vivek B. Arora & Martin D. Cerisola, 2000. "How Does U.S. Monetary Policy Influence Economic Conditions in Emerging Markets?," IMF Working Papers 00/148, International Monetary Fund.
    2. Eichengreen, Barry & Mody, Ashoka, 2000. "Lending booms, reserves and the sustainability of short-term debt: inferences from the pricing of syndicated bank loans," Journal of Development Economics, Elsevier, vol. 63(1), pages 5-44, October.
    3. Enrique G. Mendoza, 2001. "Credit, Prices, and Crashes: Business Cycles with a Sudden Stop," NBER Working Papers 8338, National Bureau of Economic Research, Inc.
    4. Reinhart, Carmen & Calvo, Guillermo, 2000. "When Capital Inflows Come to a Sudden Stop: Consequences and Policy Options," MPRA Paper 6982, University Library of Munich, Germany.
    5. Barry Eichengreen & Ricardo Hausmann, 1999. "Exchange rates and financial fragility," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 329-368.
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