An evaluation of the transmission of the policy interest rate to the financial system’s interest rates in Colombia
This paper studies monetary policy transmission using several statistical tools -- We find that the relationships between the policy interest rate and the financial system’s interest rates are positive and statistically significant, and transmission is complete eight months after policy shocks occur...
- Autores:
-
Gomez-Gonzalez, Jose Eduardo
González-Molano, Eliana
Huertas-Campos, Carlos
Cristiano-Botia, Deicy
Chavarro-Sanchez, Ximena
- Tipo de recurso:
- Fecha de publicación:
- 2016
- Institución:
- Universidad EAFIT
- Repositorio:
- Repositorio EAFIT
- Idioma:
- eng
- OAI Identifier:
- oai:repository.eafit.edu.co:10784/9159
- Acceso en línea:
- http://hdl.handle.net/10784/9159
- Palabra clave:
- E5
E52
E59
G21
Tasas de interés - Colombia
Política monetaria - Colombia
POLÍTICA MONETARIA
TASAS DE INTERÉS
PRÉSTAMOS BANCARIOS
SISTEMA FINANCIERO
Monetary policy
Bank Loans
Financial system
- Rights
- License
- Acceso abierto
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2016-06-222016-09-15T13:18:03Z2016-06-222016-09-15T13:18:03Z1657-4206http://hdl.handle.net/10784/915910.17230/ecos.2016.42.2This paper studies monetary policy transmission using several statistical tools -- We find that the relationships between the policy interest rate and the financial system’s interest rates are positive and statistically significant, and transmission is complete eight months after policy shocks occur -- The speed of transmission varies according to the type of interest rates -- Transmission is faster for interest rates on loans provided to households, and is particularly rapid and complete for rates on preferential commercial loans -- Transmission is slower for credit card and mortgage rates, due to regulatory issues (interest rate ceilings)En este documento se analiza la transmisión de la política monetaria a las tasas de interés de mercado del sistema financiero utilizando diferentes herramientas estadísticas -- La relación existente entre la tasa de política y las tasas de interés de colocación es positiva y significativa, y se presenta una transmisión completa para las diferentes modalidades de crédito después de 8 meses -- La transmisión de la tasa de interés de referencia a las tasas de crédito difiere según las distintas modalidades de préstamo -- Se observa una mayor transmisión y más rápida a las tasas comerciales que a las ofrecidas a los hogares -- En particular, la transmisión a las tasas de crédito preferencial es más rápida y completa -- En cuanto a las tasas de tarjetas de crédito e hipotecarias, la transmisión es más débil debido a su naturaleza, regulación (tasa límite) y rigideces de las mismasapplication/pdfengUniversidad EAFITEcos de Economía: A Latin American Journal of Applied Economics; Vol 20, No 42 (2016); 19-45http://publicaciones.eafit.edu.co/index.php/ecos-economia/article/view/3557http://publicaciones.eafit.edu.co/index.php/ecos-economia/article/view/3557Copyright (c) 2016 Jose Eduardo Gomez-Gonzalez, Eliana González-Molano, Carlos Huertas-Campos, Deicy Cristiano-Botia, Ximena Chavarro-SanchezAcceso abiertohttp://purl.org/coar/access_right/c_abf2instname:Universidad EAFITreponame:Repositorio Institucional Universidad EAFITEcos de Economía: A Latin American Journal of Applied Economics; Vol 20, No 42 (2016); 19-45E5E52E59G21Tasas de interés - ColombiaPolítica monetaria - ColombiaPOLÍTICA MONETARIATASAS DE INTERÉSPRÉSTAMOS BANCARIOSSISTEMA FINANCIEROMonetary policyBank LoansFinancial systemAn evaluation of the transmission of the policy interest rate to the financial system’s interest rates in ColombiaEvaluación de la transmisión de la tasa de interés de referencia a las tasas de interés del sistema financiero Colombianoinfo:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionarticlepublishedVersionArtículohttp://purl.org/coar/version/c_970fb48d4fbd8a85http://purl.org/coar/resource_type/c_6501http://purl.org/coar/resource_type/c_2df8fbb1Gomez-Gonzalez, Jose EduardoGonzález-Molano, ElianaHuertas-Campos, CarlosCristiano-Botia, DeicyChavarro-Sanchez, XimenaEcos de Economía: A Latin American Journal of Applied Economics20421945ecos.econ.ORIGINALarticulo.htmlarticulo.htmlTexto completo HTMLtext/html371https://repository.eafit.edu.co/bitstreams/6c81b23b-aa10-4cda-9087-09b1689f4f2a/download5da3354f076682f31d12432707ff4ee6MD51document (68).pdfdocument (68).pdfTexto completo PDFapplication/pdf952459https://repository.eafit.edu.co/bitstreams/ccb45418-57e1-4fef-84f9-a2febe10b3bf/download152a2e64a312834d9174fdc7cf318d61MD53THUMBNAILminaitura-ecos_Mesa de trabajo 1.jpgminaitura-ecos_Mesa de trabajo 1.jpgimage/jpeg251248https://repository.eafit.edu.co/bitstreams/c07b2247-82e5-44bf-9f50-3ed7de1c6825/download9b15d674b076c1793a0bc25cebb1bcefMD5210784/9159oai:repository.eafit.edu.co:10784/91592020-03-07 14:42:32.798open.accesshttps://repository.eafit.edu.coRepositorio Institucional Universidad EAFITrepositorio@eafit.edu.co |
| dc.title.eng.fl_str_mv |
An evaluation of the transmission of the policy interest rate to the financial system’s interest rates in Colombia |
| dc.title.spa.fl_str_mv |
Evaluación de la transmisión de la tasa de interés de referencia a las tasas de interés del sistema financiero Colombiano |
| title |
An evaluation of the transmission of the policy interest rate to the financial system’s interest rates in Colombia |
| spellingShingle |
An evaluation of the transmission of the policy interest rate to the financial system’s interest rates in Colombia E5 E52 E59 G21 Tasas de interés - Colombia Política monetaria - Colombia POLÍTICA MONETARIA TASAS DE INTERÉS PRÉSTAMOS BANCARIOS SISTEMA FINANCIERO Monetary policy Bank Loans Financial system |
| title_short |
An evaluation of the transmission of the policy interest rate to the financial system’s interest rates in Colombia |
| title_full |
An evaluation of the transmission of the policy interest rate to the financial system’s interest rates in Colombia |
| title_fullStr |
An evaluation of the transmission of the policy interest rate to the financial system’s interest rates in Colombia |
| title_full_unstemmed |
An evaluation of the transmission of the policy interest rate to the financial system’s interest rates in Colombia |
| title_sort |
An evaluation of the transmission of the policy interest rate to the financial system’s interest rates in Colombia |
| dc.creator.fl_str_mv |
Gomez-Gonzalez, Jose Eduardo González-Molano, Eliana Huertas-Campos, Carlos Cristiano-Botia, Deicy Chavarro-Sanchez, Ximena |
| dc.contributor.author.spa.fl_str_mv |
Gomez-Gonzalez, Jose Eduardo González-Molano, Eliana Huertas-Campos, Carlos Cristiano-Botia, Deicy Chavarro-Sanchez, Ximena |
| dc.subject.none.fl_str_mv |
E5 E52 E59 G21 Tasas de interés - Colombia Política monetaria - Colombia |
| topic |
E5 E52 E59 G21 Tasas de interés - Colombia Política monetaria - Colombia POLÍTICA MONETARIA TASAS DE INTERÉS PRÉSTAMOS BANCARIOS SISTEMA FINANCIERO Monetary policy Bank Loans Financial system |
| dc.subject.lemb.none.fl_str_mv |
POLÍTICA MONETARIA TASAS DE INTERÉS PRÉSTAMOS BANCARIOS SISTEMA FINANCIERO |
| dc.subject.keyword.none.fl_str_mv |
Monetary policy Bank Loans Financial system |
| description |
This paper studies monetary policy transmission using several statistical tools -- We find that the relationships between the policy interest rate and the financial system’s interest rates are positive and statistically significant, and transmission is complete eight months after policy shocks occur -- The speed of transmission varies according to the type of interest rates -- Transmission is faster for interest rates on loans provided to households, and is particularly rapid and complete for rates on preferential commercial loans -- Transmission is slower for credit card and mortgage rates, due to regulatory issues (interest rate ceilings) |
| publishDate |
2016 |
| dc.date.available.none.fl_str_mv |
2016-09-15T13:18:03Z |
| dc.date.issued.none.fl_str_mv |
2016-06-22 |
| dc.date.accessioned.none.fl_str_mv |
2016-09-15T13:18:03Z |
| dc.date.none.fl_str_mv |
2016-06-22 |
| dc.type.eng.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion article publishedVersion |
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http://purl.org/coar/version/c_970fb48d4fbd8a85 |
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http://purl.org/coar/resource_type/c_6501 http://purl.org/coar/resource_type/c_2df8fbb1 |
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Artículo |
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publishedVersion |
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1657-4206 |
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http://hdl.handle.net/10784/9159 |
| dc.identifier.doi.none.fl_str_mv |
10.17230/ecos.2016.42.2 |
| identifier_str_mv |
1657-4206 10.17230/ecos.2016.42.2 |
| url |
http://hdl.handle.net/10784/9159 |
| dc.language.iso.spa.fl_str_mv |
eng |
| language |
eng |
| dc.relation.ispartof.eng.fl_str_mv |
Ecos de Economía: A Latin American Journal of Applied Economics; Vol 20, No 42 (2016); 19-45 |
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http://publicaciones.eafit.edu.co/index.php/ecos-economia/article/view/3557 |
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http://publicaciones.eafit.edu.co/index.php/ecos-economia/article/view/3557 |
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Acceso abierto |
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Acceso abierto http://purl.org/coar/access_right/c_abf2 |
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application/pdf |
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Universidad EAFIT |
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instname:Universidad EAFIT reponame:Repositorio Institucional Universidad EAFIT |
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Ecos de Economía: A Latin American Journal of Applied Economics; Vol 20, No 42 (2016); 19-45 |
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