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Controles a la entrada de capitales y volatilidad de la tasa de cambio: ¿daño colateral? la experiencia colombiana

Author

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  • Andres Mauricio Vargas P.

    ()

  • Camilo Rivera Pérez

Abstract

En mayo de 2007 las autoridades económicas de Colombia re-introdujeron el encaje al endeudamiento externo y añadieron la misma figura para las inversiones de portafolio. Se pretendía limitar la entrada de capitales de corto plazo y de esta manera controlar la apreciación de la moneda que en teoría se daría una vez el Banco Central subiera tasas para controlar la inflación. ¿Qué pasó? La moneda siguió apreciándose y la volatilidad aumentó significativamente. Todo esto en un periodo marcado por la crisis sub-prime en Estados Unidos. ¿Por qué los controles no contribuyeron a reducir la volatilidad? ¿Aumentaron los controles la sensibilidad de la volatilidad de la tasa de cambio a los choques externos? En este artículo se presenta evidencia de que los instrumentos financieros conocidos como derivados" sobre tasa de cambio, diluyeron la efectividad de los controles para aislar a la economía de choques externos. Además, no jugaron un papel estabilizador en un ambiente caracterizado por alta incertidumbre."

Suggested Citation

  • Andres Mauricio Vargas P. & Camilo Rivera Pérez, 2009. "Controles a la entrada de capitales y volatilidad de la tasa de cambio: ¿daño colateral? la experiencia colombiana," DOCUMENTOS DE TRABAJO UEC 005667, UNIVERSIDAD EXTERNADO DE COLOMBIA.
  • Handle: RePEc:col:000139:005667
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    File URL: http://portal.uexternado.edu.co/irj/go/km/docs/documents/UExternado/pdf/1_facultadEconomia/Publicaciones/DocumentosDeTrabajo/Documento%20de%20Trabajo%2027.pdf
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    Keywords

    Control de capitales; volatilidad de la tasa de cambio; derivados;

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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