Banking limits on foreign holdings : disentangling the portfolio balance channel

Thumbnail
Borradores de Economía; No. 934
Date published
2016-03-22
Date of last update
2016-03-22
Author
Cardozo-Ortiz, Pamela Andrea
Gamboa-Estrada, Fredy
Perez-Reyna, David
Villamizar-Villegas, Mauricio
Document language
spa
Metadata
Show full item record
Metrics
Las opiniones contenidas en el presente documento son responsabilidad exclusiva de los autores y no comprometen al Banco de la República ni a su Junta Directiva.
Abstract
In this paper we analyze the effects of nancial constraints on the exchange rate through the portfolio balance channel. Our contribution is twofold: First, we construct a tractable two-period general equilibrium model in which financial constraints inhi
JEL Codes
F31 - Foreign ExchangeC14 - Semiparametric and Nonparametric Methods: GeneralC21 - Cross-Sectional Models; Spatial Models; Treatment Effect Models; Quantile RegressionsC31 - Cross-Sectional Models; Spatial Models; Treatment Effect Models; Quantile Regressions; Social Interaction ModelsE58 - Central Banks and Their Policies
Keywords
Sterilized foreign exchange intervention ; Portfolio balance channel ; Uncovered interest rate parity ; Financial constraints ; Regression discontinuity design ;
URI
https://repositorio.banrep.gov.co/handle/20.500.12134/6245
https://hdl.handle.net/20.500.12134/6245
https://doi.org/10.32468/be.934
https://ideas.repec.org/p/bdr/borrec/934.html
Collections
This work is licensed under a Creative Commons Reconocimiento-NoComercial 4.0.This document has been deposited by the author (s) under the following certificate of deposit