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Una Nota Sobre el Impacto del Gravamen a las Transacciones Financieras en los Márgenes Bancarios en Colombia

Author

Listed:
  • Ignacio Lozano
  • Norberto Rodríguez

Abstract

Desde su creación, el Gravamen a los Movimientos Financieros (GMF) ha sido muy controvertido y también objeto de numerosos ajustes. El principal cuestionamiento proviene de las distorsiones que les causa a los mercados financieros. En este trabajo se provee evidencia sobre los efectos del GMF sobre los márgenes de intermediación del sistema bancario colombiano. Utilizando información mensual de las trece entidades con mayores activos para el período 1996–2014, se encuentra que, en promedio, el GMF aumentó los márgenes del sistema bancario en 70 puntos básicos hasta finales de 2010. Su impacto se incrementó luego a 100 puntos básicos, al parecer por la reforma tributaria de ese año (Ley 1430/2010). Por tamaño, los márgenes de los bancos medianos y pequeños registran aumentos superiores. En los ejercicios se controla por los factores más relevantes en la fijación de los márgenes, identificados en la literatura.

Suggested Citation

  • Ignacio Lozano & Norberto Rodríguez, 2015. "Una Nota Sobre el Impacto del Gravamen a las Transacciones Financieras en los Márgenes Bancarios en Colombia," Borradores de Economia 13876, Banco de la Republica.
    • Handle: RePEc:col:000094:013876
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    References listed on IDEAS

    as
    1. Mr. Isaias Coelho & Ms. Victoria J Perry & Mr. Liam P. Ebrill, 2001. "Bank Debit Taxes in Latin America: An Analysis of Recent Trends," IMF Working Papers 2001/067, International Monetary Fund.
    2. Dairo Estrada & Esteban Gómez & Inés Orozco, 2006. "Determinants of Interest Margins in Colombia," Borradores de Economia 2335, Banco de la Republica.
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    More about this item

    Keywords

    Márgenes Bancarios; Intermediarios; Regulación Financiera; Distorsiones Tributarias.;
    All these keywords.

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • H21 - Public Economics - - Taxation, Subsidies, and Revenue - - - Efficiency; Optimal Taxation

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