El trilema de la política monetaria en Colombia no se cumple
Trilemma the monetary policy in Colombia not met
Abstract (en)
The article makes a presentation of monetary and exchange rate policy in Colombia during the last decade, with emphasis on the possible implementation of monetary trilemma, which states that the main implication of monetary policy is to determine an exchange rate desirable to achieve the purposes international trade, a desirable interest rate to encourage productive activity and increased capital mobility compatible with the inflation target performance goal. The inability of the trilemma verified considering the uncovered parity of interest rates in a macroeconomic environment characterized by a flexible exchange rate but revalued, low domestic interest rates and international financial market uncertainty, which has been reflected in an increase in the balances of the capital and financial account liabilities and especially more larger current account deficit.Abstract (es)
El artículo hace una presentación de la política monetaria y cambiaria en Colombia durante la última década con énfasis en el posible cumplimiento del trilema monetario, el cual establece que la principal implicación de la política monetaria es determinar una tasa de cambio deseable para lograr los propósitos del comercio internacional; una tasa de interés apetecible para incentivar la actividad productiva, y una mayor movilidad de capitales compatible con el funcionamiento de la meta inflación objetivo. De otra parte, se verificará la imposibilidad del trilema considerando la paridad descubierta de las tasas de interés en un ambiente macroeconómico caracterizado por una tasa de cam- bio flexible, pero revaluada, una baja tasa de interés doméstica y una incertidumbre del mercado financiero internacional, lo cual se ha reflejado en un aumento de los saldos de la cuenta de capital y financiera, especialmente los pasivos, y en un mayor déficit de la cuenta corriente.
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