IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this paper or follow this series

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

  • Andres Mauricio Vargas P.

    ()

  • Camilo Rivera Pérez
Registered author(s):

    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."

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL: http://portal.uexternado.edu.co/irj/go/km/docs/documents/UExternado/pdf/1_facultadEconomia/Publicaciones/DocumentosDeTrabajo/Documento%20de%20Trabajo%2027.pdf
    Our checks indicate that this address may not be valid because: 404 Not Found. If this is indeed the case, please notify (Carolina Esguerra Roa)


    Download Restriction: no

    Paper provided by UNIVERSIDAD EXTERNADO DE COLOMBIA in its series DOCUMENTOS DE TRABAJO UEC with number 005667.

    as
    in new window

    Length: 23
    Date of creation: 15 Jun 2009
    Date of revision:
    Handle: RePEc:col:000139:005667
    Contact details of provider:

    No references listed on IDEAS
    You can help add them by filling out this form.

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:col:000139:005667. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Carolina Esguerra Roa)

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.