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Política cambiaria y la fijación de metas inflacionarias en Colombia

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  • Hernando Vargas H.

Abstract

(Disponible en idioma inglés únicamente) En este trabajo se analiza la experiencia de Colombia con una política monetaria con metas inflacionarias tras el abandono del mecanismo de bandas cambiarias en 1999, así como durante dos episodios, en 2003 y 2004, que se desviaron de este comportamiento general. En esos episodios, el Banco Central intervino en el mercado cambiario de una manera relativamente considerable, para influir en la tendencia del tipo de cambio (flotación controlada). Esos episodios se analizan para extraer enseñanzas y resaltar los principales desafíos que encaran las políticas monetaria y cambiaria. A continuación se analiza la justificación de la intervención del Banco Central en el mercado cambiario colombiano. Por último, el trabajo presenta varias cuestiones que aparecen en el debate sobre la política monetaria y cambiaria de Colombia y se propone una idea del contexto político en el que se toman las decisiones de la política monetaria.

Suggested Citation

  • Hernando Vargas H., 2005. "Política cambiaria y la fijación de metas inflacionarias en Colombia," Research Department Publications 4426, Inter-American Development Bank, Research Department.
  • Handle: RePEc:idb:wpaper:4426
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    File URL: http://www.iadb.org/research/pub_hits.cfm?pub_id=WP-539&pub_file_name=pubWP-539.pdf
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    References listed on IDEAS

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    1. Peter Bofinger & Timo Wollmershäuser, 2003. "Managed Floating as a Monetary Policy Strategy," Economic Change and Restructuring, Springer, pages 81-109.
    2. Roberts, M. & Tybout, J., 1993. "An Empirical Model of Sunk Costs and the Decision to Export," Papers 4-93-3, Pennsylvania State - Department of Economics.
    3. Guillermo A. Calvo & Carmen M. Reinhart, 2002. "Fear of Floating," The Quarterly Journal of Economics, Oxford University Press, vol. 117(2), pages 379-408.
    4. Michael B. Devereux & Philip R. Lane & Juanyi Xu, 2006. "Exchange Rates and Monetary Policy in Emerging Market Economies," Economic Journal, Royal Economic Society, vol. 116(511), pages 478-506, April.
    5. Svensson, Lars E. O., 2000. "Open-economy inflation targeting," Journal of International Economics, Elsevier, pages 155-183.
    6. Peter Bofinger & Timo Wollmershäuser, 2003. "Managed Floating as a Monetary Policy Strategy," Economic Change and Restructuring, Springer, pages 81-109.
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