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Encajes bancarios y la estrategia de inflación objetivo

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  • Yanneth Rocío Betancourt

    ()

  • Hernando Vargas Herera

    ()

Abstract

Tradicionalmente los requerimientos de encaje han sido vistos como un instrumento clave de la política monetaria, sin embargo, recientemente éstos han sido menos esenciales dado que el crecimiento de los agregados monetarios ha dejado de ser el objetivo de política de muchos países. A pesar del desmonte gradual de los encajes durante la década de los noventa en varios países, en ciertas coyunturas específicas países como Colombia han hecho uso de políticas de encajes para fortalecer el control monetario. De esta forma, el análisis de los encajes es de interés a la hora de evaluar la efectividad de dichas políticas bajo los diferentes regímenes monetarios (metas intermedias sobre agregados monetarios e inflación objetivo). En este documento se encuentra que aún bajo el esquema de inflación objetivo, los encajes pueden tener un efecto sobre la tasa de interés de los créditos y sobre la cartera del sistema financiero, dada la incertidumbre sobre la tasa de interés de política futura y el consecuente riesgo que deben enfrentar los intermediarios financieros cuando los plazos de los créditos y los depósitos bancarios difieren de los plazos del crédito del Banco Central.

Suggested Citation

  • Yanneth Rocío Betancourt & Hernando Vargas Herera, 2008. "Encajes bancarios y la estrategia de inflación objetivo," BORRADORES DE ECONOMIA 005110, BANCO DE LA REPÚBLICA.
  • Handle: RePEc:col:000094:005110
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    2. International Monetary Fund, 2012. "Credit Growth and the Effectiveness of Reserve Requirements and Other Macroprudential Instruments in Latin America," IMF Working Papers 12/142, International Monetary Fund.
    3. Adolfo Meisel Roca. & Juan David Barón., 2010. "Un análisis histórico de la independencia de la banca central en América Latina: la experiencia colombiana, 1923-2008," Cuadernos de Historia Económica 25, Banco de la Republica de Colombia.
    4. Rocío Betancourt & Hernando Vargas, 2009. "Encajes bancarios y tasas de interés," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE, vol. 27(59), pages 158-186, June.
    5. Jorge García & David Camilo López & Enrique Montes Uribe & Pilar Esguerra Umaña, 2014. "Una visión general de la política comercial colombiana entre 1950 y 2012," BORRADORES DE ECONOMIA 011188, BANCO DE LA REPÚBLICA.
    6. Jorge García & David Camilo López & Enrique Montes Uribe & Pilar Esguerra Umaña, 2014. "Una visión general de la política comercial colombiana entre 1950 y 2012," Borradores de Economia 817, Banco de la Republica de Colombia.
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    8. Miguel Urrutia & Marc Hofstetter & Franz Hamann, 2014. "Inflation Targeting in Colombia, 2002-2012," IDB Publications (Working Papers) 6394, Inter-American Development Bank.
    9. Martín Gonzalez-Rozada & Matías Escudero & Martín Solá, 2014. "Toward a “New” Inflation-Targeting Framework: The Case of Uruguay," ECONOMIA JOURNAL OF THE LATIN AMERICAN AND CARIBBEAN ECONOMIC ASSOCIATION, ECONOMIA JOURNAL OF THE LATIN AMERICAN AND CARIBBEAN ECONOMIC ASSOCIATION, vol. 0(Fall 2014), pages 89-131, June.
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    11. G. Terrier & Rodrigo O. Valdes & Camilo E Tovar Mora & Jorge A Chan-Lau & Carlos Fernandez Valdovinos & Mercedes Garcia-Escribano & Carlos I. Medeiros & Man-Keung Tang & Mercedes Vera Martin & W. Chri, 2011. "Policy Instruments to Lean Against the Wind in Latin America," IMF Working Papers 11/159, International Monetary Fund.
    12. Bussière, Matthieu & Hoerova, Marie & Klaus, Benjamin, 2015. "Commonality in hedge fund returns: Driving factors and implications," Journal of Banking & Finance, Elsevier, vol. 54(C), pages 266-280.
    13. Peter Huber & Gabriele Tondl, 2012. "Migration and regional convergence in the European Union," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, pages 439-460.

    More about this item

    Keywords

    Encajes Bancarios; Inflación Objetivo; Riesgo de tasa de interés.;

    JEL classification:

    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • 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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