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El efecto de la volatilidad y del desalineamiento de la tasa de cambio real sobre la actividad de las empresas en Colombia

Author

Listed:
  • Ana María Iregui B.

    ()

  • Luis Fernando Melo V.

    ()

  • María Teresa Ramírez G.

    ()

  • Carmen Cecilia Delgado R.

    ()

Abstract

En este artículo se explora empíricamente el vínculo entre la volatilidad y el desalineamiento de la tasa de cambio real (TCR) con la actividad de las empresas en Colombia durante el período 2000-2011. Se analiza su efecto sobre las ventas externas, la productividad, la inversión y las ganancias de 4.871 empresas. Los resultados sugieren que el efecto de la volatilidad de la tasa de cambio real sobre el desempeño de las firmas es mixto. En particular, este efecto es negativo en el caso de las ganancias, mientras que no tiene efecto sobre las ventas externas, el crecimiento de la productividad y la tasa de inversión de las empresas. Por otro lado, el desalineamiento tiene un efecto negativo y significativo sobre las ventas externas y las ganancias, lo que podría sugerir que desequilibrios macroeconómicos de largo plazo afectan la actividad económica de las firmas.

Suggested Citation

  • Ana María Iregui B. & Luis Fernando Melo V. & María Teresa Ramírez G. & Carmen Cecilia Delgado R., 2013. "El efecto de la volatilidad y del desalineamiento de la tasa de cambio real sobre la actividad de las empresas en Colombia," BORRADORES DE ECONOMIA 011106, BANCO DE LA REPÚBLICA.
  • Handle: RePEc:col:000094:011106
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    References listed on IDEAS

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    Cited by:

    1. Alfredo Bateman y Javier E. Martinez & Javier Esteban Martinez, 2010. "Cuaderno 4: Análisis de las fuentes de oferta y demanda en el mercado de divisas," CUADERNOS DE DESARROLLO ECONOMICO 007586, SECRETARÍA DISTRITAL DE DESARROLLO ECONÓMICO.

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    Keywords

    Volatilidad de la tasa de cambio real; desalineamiento de la tasa de cambio real; inversión; productividad.;

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • F31 - International Economics - - International Finance - - - Foreign Exchange

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