IDEAS home Printed from https://ideas.repec.org/p/pra/mprapa/866.html
   My bibliography  Save this paper

Sector externo y política cambiaria en Colombia 1999 - 2002: del desequilibrio externo al equilibrio precario
[External sector and exchange political in Colombia 1999 - 2002: of the external imbalance to the precarious balance (in Spanish)]

Author

Listed:
  • Mesa Callejas, Ramon Javier
  • Ramos O., Elizeth

Abstract

This article analyzes the conditions allowing the external equilibrium in Colombia during the period 1999 - 2002 associated with the performance of the external sector and the exchange rate policies. The main hypothesis in that the equilibrium achieved is precarious due to the poor level of economic growth, the substantial reduction of imports and the drop of saving rate. Following this, the analysis of the exchange policy allows arguing that the adjustment implemented in the last year of the exchange rate band regime, ended up lowering the external activities. Additionally, the adoption of a free market regime has achieve a greater level of autonomy of the monetary policy as well as a short term break between the exchange rate and international reserves. En este articulo se analizan las condiciones que permitieron alcanzar el equilibrio externo en Colombia en el periodo 1999 - 2002, asociadas con el desempeño del sector externo y con la evolución de la politica cambiaria. La hipotesis principal señala que el equilibrio logrado fue precario, debido al escaso nivel de crecimiento economico, la reduccion sustancial de las importaciones y las bajas tasas de ahorro. Seguidamente un analisis de la evolución de la politica cambiaria en el cuatrienio permite argumentar, en primera instancia, como la politica de ajuste implementada en el ultimo año del regimen de banda termino por acelerar aun mas el deterioro de la actividad. En segunda instancia, la adopcion del esquema de libre mercado ha permitido logar hasta el momento un mayor grado de autonomia de la politica monetaria y una disociacion de corto plazo entre el tipo de cambio y las reservas internacionales

Suggested Citation

  • Mesa Callejas, Ramon Javier & Ramos O., Elizeth, 2003. "Sector externo y política cambiaria en Colombia 1999 - 2002: del desequilibrio externo al equilibrio precario [External sector and exchange political in Colombia 1999 - 2002: of the external imbala," MPRA Paper 866, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:866
    as

    Download full text from publisher

    File URL: https://mpra.ub.uni-muenchen.de/866/1/MPRA_paper_866.pdf
    File Function: original version
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Kenneth Rogoff, 1996. "The Purchasing Power Parity Puzzle," Journal of Economic Literature, American Economic Association, vol. 34(2), pages 647-668, June.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Hernández Monsalve, Mauricio A. & Mesa, Ramón Javier, 2006. "La experiencia colombiana bajo un régimen de fluctuación controlada del tipo de cambio: el papel de las intervenciones bancarias," Revista Lecturas de Economía, Universidad de Antioquia, CIE, September.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Agnès Bénassy‐Quéré & Lionel Fontagné & Horst Raff, 2011. "Exchange‐rate Misalignments in Duopoly: The Case of Airbus and Boeing," The World Economy, Wiley Blackwell, vol. 34(4), pages 623-641, April.
    2. Couharde, Cécile & Delatte, Anne-Laure & Grekou, Carl & Mignon, Valérie & Morvillier, Florian, 2020. "Measuring the Balassa-Samuelson effect: A guidance note on the RPROD database," International Economics, Elsevier, vol. 161(C), pages 237-247.
    3. Riemer P. Faber & Ad C. J. Stokman, 2009. "A Short History of Price Level Convergence in Europe," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 41(2‐3), pages 461-477, March.
    4. Balázs Égert, 2007. "Real Convergence, Price Level Convergence and Inflation in Europe," Working Papers 267, Bruegel.
    5. Giorgio Canarella & Luis A. Gil-Alana & Rangan Gupta & Stephen M. Miller, 2022. "Globalization, long memory, and real interest rate convergence: a historical perspective," Empirical Economics, Springer, vol. 63(5), pages 2331-2355, November.
    6. Hong, Seung Hyun & Phillips, Peter C. B., 2010. "Testing Linearity in Cointegrating Relations With an Application to Purchasing Power Parity," Journal of Business & Economic Statistics, American Statistical Association, vol. 28(1), pages 96-114.
    7. Valérie Mignon & Christophe Hurlin, 2007. "Une synthèse des tests de cointégration sur données de panel," Économie et Prévision, Programme National Persée, vol. 180(4), pages 241-265.
    8. Barbara Rossi, 2013. "Exchange Rate Predictability," Journal of Economic Literature, American Economic Association, vol. 51(4), pages 1063-1119, December.
    9. Francis Ahking, 2003. "Efficient unit root tests of real exchange rates in the post-Bretton Woods era," Economics Bulletin, AccessEcon, vol. 6(7), pages 1-12.
    10. Robert, Anderton & Baldwin, Richard & Taglioni, Daria, 2007. "The impact of monetary union on trade prices," Journal of Financial Transformation, Capco Institute, vol. 19, pages 35-48.
    11. Rossi, Barbara, 2005. "Confidence Intervals for Half-Life Deviations From Purchasing Power Parity," Journal of Business & Economic Statistics, American Statistical Association, vol. 23, pages 432-442, October.
    12. Grubb, Farley, 2010. "Testing for the Economic Impact of the U.S. Constitution: Purchasing Power Parity Across the Colonies versus Across the States, 1748–1811," The Journal of Economic History, Cambridge University Press, vol. 70(1), pages 118-145, March.
    13. Luca Dedola & Sylvain Leduc, 2002. "Why are business cycles alike across exchange-rate regimes?," Working Papers 02-11, Federal Reserve Bank of Philadelphia.
    14. Peter Rowland & Hugo OLiveros C., 2003. "Colombian Purchasing Power Parity Analysed Using a Framework of Multivariate Cointegration," Borradores de Economia 252, Banco de la Republica de Colombia.
    15. Gourinchas, Pierre-Olivier, 1999. "Exchange rates do matter: French job reallocation and exchange rate turbulence, 1984-1992," European Economic Review, Elsevier, vol. 43(7), pages 1279-1316, June.
    16. Rajesh Chakrabarti & Barry Scholnick, 2002. "Exchange rate expectations and foreign direct investment flows," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 138(1), pages 1-21, March.
    17. Frédérique Bec & Mélika Ben Salem & Marine Carrasco, 2010. "Detecting Mean Reversion in Real Exchange Rates from a Multiple Regime star Model," Annals of Economics and Statistics, GENES, issue 99-100, pages 395-427.
    18. Grossmann, Axel & Kim, Jintae, 2022. "The impact of U.S. dollar movements and U.S. dollar states on non-perishable commodity prices," Research in International Business and Finance, Elsevier, vol. 61(C).
    19. Candian, Giacomo, 2019. "Information frictions and real exchange rate dynamics," Journal of International Economics, Elsevier, vol. 116(C), pages 189-205.
    20. DavidC. Parsley & Shang-Jin Wei, 2007. "A Prism into the PPP Puzzles: The Micro-Foundations of Big Mac Real Exchange Rates," Economic Journal, Royal Economic Society, vol. 117(523), pages 1336-1356, October.

    More about this item

    Keywords

    Equilibrio externo; Deficit en cuenta corriente; Politica de ajuste; Politica cambiaria; Regimen de tipo de cambio flexible;
    All these keywords.

    JEL classification:

    • E0 - Macroeconomics and Monetary Economics - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:866. See general information about how to correct material in RePEc.

    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 CitEc recognized a bibliographic reference but did not link an item in RePEc 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 RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Joachim Winter (email available below). General contact details of provider: https://edirc.repec.org/data/vfmunde.html .

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

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.