Efectos de la política monetaria sobre las tasas de interés de los créditos hipotecarios en Colombia

Abstract

This article presents a quantitative analysis of the impact central bank monetary policy on interest rates of mortgage loans, both long and short term. First, the econometric results confirm the existence of a cointegrating relationship, as found before by Galindo and Hofstetter (2008) between the interest rate mortgage loans (tich) and yields central bank public debt securities (tes). Unlike this study, we conclude that in the long term the relationship between the two rates is one to one. Therefore, both monetary policy (through a low and credible inflation target) and fiscal policy (through greater fiscal solvency) can help reduce long-term tich. Second, in the short term an innovation central bank 100 basis points to interest rate policy of the central bank is transmitted to the spread tich-tes with a lag of six to ten months and has a maximum of 50 -60 bp, after controlling for its effects on other macroeconomic variables.

Redes sociales de intercambio y de pago de deudas en parejas jóvenes profesionales endeudadas de Santiago de Chile

“…El acceso al crédito ha permitido que las familias chilenas aumenten sus posibilidades de acceso a los bienes y servicios, por lo que se modificaron considerablemente sus condiciones de vida e incrementaron sus niveles de endeudamiento Fuenzalida y Ruiz-Tagle, 2009;Salgado y Chovar, 2010;Ruiz-Tagle, García y Miranda, 2013). Entre los años 2000 y 2009, la deuda promedio de los hogares chilenos creció a una tasa promedio de 12,8% real anual, lo que ha significado un aumento de la relación deuda/ingreso a 35,4% a 59,9% en dicho periodo (Banco Central, 2010).…”

Macroeconomic Gains from Structural Fiscal Policy Adjustments: The Case of Colombia

“…How households, firms, and investors perceive the sustainability of the public debt and the financial fragility of the government is likely to influence their 9. Galindo and Hoffstetter (2008);Hamann, Vargas, and González (2010).…”

Incertidumbre acerca de la política fiscal y ciclo económico

“…Sin embargo, no había otra opción disponible. 7 Este modelo ya ha sido aplicado con anterioridad a la economía colombiana por Fernández (2003), De Mello y Moccero (2011) y Vargas et al (2010).…”