Efectos de la política monetaria sobre las tasas de interés de los créditos hipotecarios en Colombia
Bibliographic Data
| ID | 6166574 |
|---|---|
| Authors | Hernando Vargas-Herrera (0000-0001-6634-4736, Banco de la República Colombia), Hernando Vargas, Franz Hamann (0000-0002-4394-4680, Banco de la República Colombia), Andrés González (0009-0008-1362-9445, Banco de la República Colombia) |
| Year | 2010 |
| Issue | 66 |
| Pages | 45-64 |
| Publication date | 2010-08-01 |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Revista Desarrollo y Sociedad (JOURNAL) |
| Journal identifiers | ISSN: 0120-3584 • E-ISSN: 1900-7760 |
| Publisher | Universidad de los Andes (PUBLISHER • VE) |
| DOI | 10.13043/dys.66.2 |
| OpenAlex | W1571640304 |
| Language | ES |
| Citations received | 1 |
| References cited | 1 |
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
Humanities · Political science · Economic Theory and Policy · Fiscal Policies and Political Economy · Monetary Policy and Economic Impact · Philosophy
| Citations per year | 0.33 |
|---|---|
| Citation span | 2023 - 2023 (1) |
| Highly cited | No |