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Capital Mobility and Monetary Policy in Colombia

This paper estimates a model of financial markets in Colombia to examine: 1) the authorities’ control over domestic interest rates and the money stock; and 2) the effects of the crawling peg exchange rate policy on exchange rate expectations and domestic interest rates. The authorities appeared to p...

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Bibliographic Details
Corporate Author: International Monetary Fund
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 1988
Series:IMF Working Papers
Subjects:
Foreign Exchange Reserves
Credit
Investments, Foreign
Investment
Monetary Economics
Monetary Policy, Central Banking, And The Supply Of Money And Credit: General
External Position
Long-term Capital Movements
Exports And Imports
Intangible Capital
International Economics
National Accounts
Money
Central Banks
Foreign Assets
Domestic Credit
Depreciation
Demand For Money
Saving And Investment
International Reserves
Banks And Banking
Investments: General
Macroeconomics
Banking
Capacity
Capital
Monetary Policy
Money And Monetary Policy
International Investment
Colombia
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
Description
Summary:This paper estimates a model of financial markets in Colombia to examine: 1) the authorities’ control over domestic interest rates and the money stock; and 2) the effects of the crawling peg exchange rate policy on exchange rate expectations and domestic interest rates. The authorities appeared to possess some control over the money stock in the short run, mostly because of the existence of capital controls, but most of this control was eroded once asset demands adjust to their desired banks. The expected rate of depreciation is not closely linked to the crawling peg
Physical Description:38 pages
ISBN:9781451956474

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