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Flotaci�n Cambiaria y Esterilizaci�n Monetaria: La Experiencia de Colombia

Author

Listed:
  • Sergio Clavijo
  • Carlos Varela

Abstract

El objetivo de este trabajo es analizar el drenaje de las reservas internacionales debido a los excesos monetarios (el llamado “efecto compensaci�n”), en el contexto de la mayor flexibilizaci�n cambiaria colombiana del periodo 1990-2003. En este periodo el costo del arbitraje peso-d�lar se ha visto alterado: mientras la flexibilizaci�n lo eleva, la desregulaci�n cambiaria lo abarata. Adicionalmente, se eval�a el efecto diferencial que tiene dicho exceso monetario cuando se trata de cr�dito de tipo permanente respecto del temporal. Nuestras estimaciones econom�tricas, bajo diferentes enfoques (monetario, funci�n de reacci�n, portafolio y keynesiano) nos permiten concluir que existe un “efecto compensaci�n” relativamente alto (-0,78) y no muy diferente de menos uno, aun en el corto plazo y en �pocas de alta flexibilizaci�n cambiaria. Tambi�n encontramos que este efecto est� sustentado en el componente permanente del cr�dito (salvo en el caso del portafolio) y que probablemente ha sido inferior en cerca de 0,20 respecto al que se produc�a en los a�os ochentas, cuando se entregaban como utilidades al gobierno el efecto contable de la devaluaci�n.

Suggested Citation

  • Sergio Clavijo & Carlos Varela, 2003. "Flotaci�n Cambiaria y Esterilizaci�n Monetaria: La Experiencia de Colombia," Borradores de Economia 2732, Banco de la Republica.
    • Handle: RePEc:col:000094:002732
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    Keywords

    Pol�tica Monetaria;

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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