Banking limits on foreign holdings : disentangling the portfolio balance channel

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Borradores de Economía; No. 934

Date published

2016-03-22

Date

2016-03-22

Authors

Cardozo-Ortiz, Pamela Andrea
Gamboa-Estrada, Fredy
Perez-Reyna, David
Villamizar-Villegas, Mauricio

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ISBN

Document language

spa
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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.

The opinions contained in this document are the sole responsibility of the author and do not commit Banco de la República or its Board of Directors.

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

Description

JEL Codes

F31 - Foreign Exchange
C14 - Semiparametric and Nonparametric Methods: General
C21 - Cross-Sectional Models; Spatial Models; Treatment Effect Models; Quantile Regressions
C31 - Cross-Sectional Models; Spatial Models; Treatment Effect Models; Quantile Regressions; Social Interaction Models
E58 - Central Banks and Their Policies

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Keywords

Keywords

Sterilized foreign exchange intervention , Portfolio balance channel , Uncovered interest rate parity , Financial constraints , Regression discontinuity design

Citation

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https://repositorio.banrep.gov.co/handle/20.500.12134/6245
 https://hdl.handle.net/20.500.12134/6245
 https://ideas.repec.org/p/bdr/borrec/934.html
 https://doi.org/10.32468/be.934

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