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La transmisión de la política monetaria en Colombia: la inversión

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  • Jesús Botero

    ()

  • Andrés Ramírez Hassan

    ()

  • Diana Gutiérrez

Abstract

Aunque el impacto de la tasa de interés sobre la inversión en activos productivos es una de las razones esenciales de la política monetaria, son escasos los resultados de estudios en Colombia que cuantifican ese impacto. Desde el clásico artículo de Ocampo, Londoño y Villar (1988), en el que se encuentra que la inversión no responde a la tasa de interés, sólo los estudios que evalúan su efecto a través del costo de uso han encontrado resultados significativos: Fainboim (1990) encuentra elasticidades de la inversión respecto al costo de uso entre -0,25 y -0,6, aunque reporta también que en las estimaciones en que se usan como variables explicativas los componentes del costo de uso, “se encontró que la tasa de interés real no afecta la inversión, resultado que coincide con el de estudios anteriores”; Botero, Ramírez y Palacio (2007) por su parte encuentran una elasticidad reducida de la inversión al costo de uso, pero no calculan expresamente la contribución de la tasa de interés a ese resultado.

Suggested Citation

  • Jesús Botero & Andrés Ramírez Hassan & Diana Gutiérrez, 2011. "La transmisión de la política monetaria en Colombia: la inversión," DOCUMENTOS DE TRABAJO CIEF 011107, UNIVERSIDAD EAFIT.
  • Handle: RePEc:col:000122:011107
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    References listed on IDEAS

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    1. Gábor Kátay & Zoltán Wolf, 2004. "Investment Behavior, User Cost and Monetary Policy Transmission - the Case of Hungary," MNB Working Papers 2004/12, Magyar Nemzeti Bank (Central Bank of Hungary).
    2. von Kalckreuth, Ulf & Hernando, Ignacio & Generale, Andrea & Chatelain, Jean Bernard & Vermeulen, Philip, 2001. "Firm Investment and Monetary Policy Transmission in the Euro Area," Discussion Paper Series 1: Economic Studies 2001,20, Deutsche Bundesbank.
    3. Jean-Bernard Chatelain & Andre Tiomo, 2003. "Monetary Policy and Corporate Investment in France," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00112523, HAL.
    4. von Kalckreuth, Ulf, 2001. "Monetary transmission in Germany: New Perspectives on Financial Constraints and Investment Spending," Discussion Paper Series 1: Economic Studies 2001,19, Deutsche Bundesbank.
    5. Hausman, Jerry, 2015. "Specification tests in econometrics," Applied Econometrics, Publishing House "SINERGIA PRESS", vol. 38(2), pages 112-134.
    6. Israel Fainboim, 1990. "Inversión, tributación y costo de uso del capital en Colombia: 1950-1987," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 9(18), pages 7-50, December.
    7. Greenwood, Jeremy & Hercowitz, Zvi & Krusell, Per, 1997. "Long-Run Implications of Investment-Specific Technological Change," American Economic Review, American Economic Association, vol. 87(3), pages 342-362, June.
    8. Maria Angelica Arbelaez & Juan Jose Echavarria, 2002. "Credit, Financial Liberalization and Manufacturing Investment in Colombia," Research Department Publications 3145, Inter-American Development Bank, Research Department.
    9. Jesús Alonso Botero & Andrés Ramírez Hassan & Juan Fernando Palacio, 2007. "El costo de uso del capital y la inversión en Colombia 1990 - 2007," REVISTA ECOS DE ECONOMÍA, UNIVERSIDAD EAFIT, October.
    10. Chirinko, Robert S. & Schaller, Huntley, 2009. "The irreversibility premium," Journal of Monetary Economics, Elsevier, vol. 56(3), pages 390-408, April.
    11. Christopher L. House & Matthew D. Shapiro, 2008. "Temporary Investment Tax Incentives: Theory with Evidence from Bonus Depreciation," American Economic Review, American Economic Association, vol. 98(3), pages 737-768, June.
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    Keywords

    política monetaria; inversión;

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