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Las reservas internacionales en Colombia: ¿Regla de acumulación, o política discrecional?

Author

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  • Juan Sebastián Marino

Abstract

Las reservas internacionales constituyen una herramienta de política monetaria de vital importancia, especialmente en países como Colombia con alta dependencia de la exportación de commodities con precios volátiles, y a inversión extranjera directa que se vería desfavorecida bajo crisis de balanza de pagos. Sin embargo la acumulación de recursos públicos presenta costos de oportunidad considerables, y en ese sentido se requiere evaluar que tan adecuado es el tamano del stock de reservas. El presente documento analiza el atesoramiento histórico de reservas en Colombia desde 1960 hasta la actualidad, usando para ello dos metodologías: las reservas óptimas y las reservas adecuadas. Se concluye que Colombia ha seguido los estándares internacionales en pequenos intervalos históricos. La discrecionalidad ha liderado en los periodos de bonanzas y de crisis, además de los últimos 10 anos donde los indicadores muestran una sobre acumulación monetaria.

Suggested Citation

  • Juan Sebastián Marino, 2015. "Las reservas internacionales en Colombia: ¿Regla de acumulación, o política discrecional?," Econógrafos, Escuela de Economía 12790, Universidad Nacional de Colombia, FCE, CID.
    • Handle: RePEc:col:000176:012790
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    File URL: http://fce.unal.edu.co/centro-editorial/docs/econografos-escuela-economia/78-las-reservas-internacionales-en-colombia-regla-de-acumulacion-o-politica-discrecional
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    More about this item

    Keywords

    Reservas óptimas; Reservas adecuadas; Crisis balanza de pagos;
    All these keywords.

    JEL classification:

    • F38 - International Economics - - International Finance - - - International Financial Policy: Financial Transactions Tax; Capital Controls
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management

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