El efecto de las intervenciones cambiarias: la experiencia colombiana 2004-2006

Mauricio Hernández Monsalve () and Ramón Mesa Callejas ()

No 4192, Borradores del CIE from Universidad de Antioquia, CIE

Abstract: Resumen: El objetivo de este artículo es medir el tamano relativo de las intervenciones cambiarias realizadas en el periodo de la revaluación del peso, entre 2004 y 2006, y calcular la efectividad de éstas en cuanto a sus efectos sobre la media y la varianza del tipo de cambio nominal. La propuesta de un modelo de determinación del tipo de cambio, que parte del modelo de balance de portafolio, y el uso de un índice de intervención construido para el caso colombiano, permiten concluir que las intervenciones del Banco de la República, con miras a defender el régimen de flotación controlada, han tenido efectos pequenos y transitorios en el nivel y la varianza del tipo de cambio, presentando rezagos de varios días y siendo descontadas rápidamente por el mercado. / Abstract: The object of this article is to measure the relative size of the exchange interventions made in the period of the peso revaluation, between 2004 and 2006, and to calculate the effectiveness of these by mean of its effects on the average and the variance of the exchange nominal rate. The proposal of a model of determination of the exchange nominal rate, that derive from the portfolio balance model, and the use of an intervention index constructed for the Colombian case, allow to conclude that the interventions of the Banco de la República, for defending the regime of managed flotation, have had small and transitory effects in the level and the variance of the exchange nominal rate, presenting lags of several days and being discounted quickly by the market

Keywords: intervenciones esterilizadas; régimen cambiario; flotación controlada; mercado cambiario; tipo de cambio; modelo de portafolio (search for similar items in EconPapers)
JEL-codes: E52 E58 F31 G11 (search for similar items in EconPapers)
Pages: 25
Date: 2006-10-30
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Working Paper: El efecto de las intervenciones cambiarias: la experiencia colombiana 2004-2006 (2006)
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Persistent link: https://EconPapers.repec.org/RePEc:col:000099:004192

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