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Pol�tica monetaria contrac�clica y encaje bancario

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  • Christian Bustamante

Abstract

A pesar de que el encaje bancario era un instrumento de pol�tica monetaria que ven�a cayendo en desuso, recientemente, varios pa�ses lo han empleado con aparente �xito en el marco de una pol�tica monetaria contrac�clica y macroprudencial. Surge entonces la pregunta de si dicho �xito se dio por la utilizaci�n del encaje per se, o porque el encaje reforz� el efecto de la pol�tica de tasas de inter�s. Para responder este interrogante, se construye un modelo de equilibrio general con agentes heterog�neos e intermediarios financieros aversos al riesgo. Se encuentra que un manejo contrac�clico del encaje bancario contribuye a reducir marginalmente la volatilidad de las fluctuaciones del consumo. Su efecto cobra mayor importancia a medida que los bancos son m�s aversos al riesgo.

Suggested Citation

  • Christian Bustamante, 2011. "Pol�tica monetaria contrac�clica y encaje bancario," Borradores de Economia 8202, Banco de la Republica.
    • Handle: RePEc:col:000094:008202
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    Cited by:

    1. Miguel Ángel Morales Mosquera, 2011. "Concentración y estabilidad financiero: el caso del sistema bancario colombiano," Temas de Estabilidad Financiera 058, Banco de la Republica de Colombia.
    2. Carrera, César, 2012. "Políticas de Encajes y Modelos Económicos," Working Papers 2012-006, Banco Central de Reserva del Perú.
    3. Ramiro Rodríguez Revilla, 2011. "Modelos de equilibrio general dinámicos y estocásticos para Colombia 1995-2011," Revista Ecos de Economía, Universidad EAFIT.
    4. Tovar, Camilo & Garcia-Escribano, Mercedes & Vera, Mercedes, 2012. "El crecimiento del crédito y la efectividad de los requerimientos de encaje y otros instrumentos macroprudenciales en América Latina," Revista Estudios Económicos, Banco Central de Reserva del Perú, issue 24, pages 45-64.

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    Keywords

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    JEL classification:

    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • 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

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