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Manejo de liquidez bancaria, prima de liquidez y política monetaria

Author

Listed:
  • Santiago Forero Alvarado

    (Facultad de Economía, Universidad de los Andes)

Abstract

El sistema bancario, en su manejo de liquidez, se expone a la necesidad o exceso de esta. Ante esto, recurre al banco central y se enfrenta a una prima de liquidez, dado que el costo de la liquidez es mayor a la remuneración de los activos líquidos. Este documento plantea una estructura analítica, dinámica y de equilibrio general, para evaluar y cuantificar los mecanismos del manejo de liquidez bancaria sobre la economía y la política monetaria frente a perturbaciones agregadas de liquidez. Se encuentra que el sistema bancario, ante necesidades agregadas de liquidez, incorpora un margen entre la remuneración de los activos y los depósitos de los hogares, afectando la actividad real y el bienestar. Esta afectación motiva una respuesta de la política monetaria a las necesidades de liquidez, que en caso de no darse profundiza las pérdidas de bienestar. Finalmente, una política monetaria que tenga como objetivo la estabilización de precios refleja la ¿divina coincidencia 2 responde a las necesidades de liquidez reduciendo la tasa de política monetaria proporcional a la prima de liquidez.

Suggested Citation

  • Santiago Forero Alvarado, 2023. "Manejo de liquidez bancaria, prima de liquidez y pol√≠tica monetaria," Documentos CEDE 20305, Universidad de los Andes, Facultad de Economía, CEDE.
    • Handle: RePEc:col:000089:020305
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    References listed on IDEAS

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    Keywords

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    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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