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La transmisión de la política monetaria en Colombia: la inversión

Author

Listed:
  • Jesús Botero
  • Andr�s Ram�rez Hassan
  • Diana Guti�rrez

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, Londono 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 & Andr�s Ram�rez Hassan & Diana Guti�rrez, 2011. "La transmisión de la política monetaria en Colombia: la inversión," Documentos de Trabajo de Valor Público 11107, Universidad EAFIT.
    • Handle: RePEc:col:000122:011107
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    References listed on IDEAS

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