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El Indice De Condiciones Monetarias En Colombia

Author

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  • Roc�o Mora Qui�ones

Abstract

En algunos pa�ses, como Canad� y Nueva Zelanda, se ha construido una medida univariada de los efectos de la tasa de inter�s y de la tasa de cambio sobre la actividad econ�mica y los precios, conocido como Indice de Condiciones Monetarias (ICM). El objetivo de este trabajo es construir el Indice de Condiciones Monetarias para Colombia, con el cual se logre observar el grado de relajaci�n o de contracci�n de las condiciones monetarias con respecto a un a�o base elegido para el estudio. En particular, a partir de la estimaci�n de un modelo macroecon�mico est�ndar de dos ecuaciones simples, se fijan los efectos relativos de las variaciones de la tasa de cambio y de la tasa de inter�s sobre la demanda agregada y la inflaci�n, contribuyendo a caracterizar el estado actual de la pol�tica monetaria. De los resultados obtenidos, se establece una relaci�n de 1:4 de la tasa de inter�s y de la tasa de cambio sobre la demanda agregada, y una relaci�n de 1:6 entre la brecha del producto y la tasa de cambio sobre la inflaci�n. En una econom�a abierta y peque�a como la colombiana, el ICM asegura la consideraci�n de ambos efectos sobre el dise�o de la pol�tica monetaria, proporcionando informaci�n �til para la evaluaci�n y el ajuste de las condiciones monetarias en l�nea con el cumplimiento de la meta de inflaci�n.

Suggested Citation

  • Roc�o Mora Qui�ones, 2000. "El Indice De Condiciones Monetarias En Colombia," Borradores de Economia 2518, Banco de la Republica.
  • Handle: RePEc:col:000094:002518
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    Cited by:

    1. César A. Corredor V., 2009. "Credit Chanel in developing countries: The case of Colombia," Revista de Economía del Caribe, Universidad del Norte, vol. 0(0), pages 1-38.
    2. Esteban Gómez & Diego Vásquez & Camilo Zea, 2005. "Derivative Markets' Impact On Colombian Monetary Policy," Borradores de Economia 2277, Banco de la Republica.

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