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Effects of foreign participation in the colombian local public debt market on domestic financial conditions

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dc.audienceResearcherseng
dc.audienceStudentseng
dc.audienceTeacherseng
dc.contributor.institucionBanco de la República - Colombiaspa
dc.coverage.ciudadBogotáspa
dc.creatorVargas-Herrera, Hernandospa
dc.creatorCardozo, Pamelaspa
dc.creatorRomero-Chamorro, José Vicentespa
dc.creatorMurcia, Andrésspa
dc.date.accessioned2020-05-18T15:35:54Zspa
dc.date.available2020-05-18T15:35:54Zspa
dc.date.created2020-05-18spa
dc.description.abstractSince 2014 the Colombian local public bond market experienced a substantial increase in the participation of foreign investors due to a reduction of the tax rates on foreign portfolio investment returns and the increase in the weight of Colombia in the JP Morgan GBI-GD. Some evidence is presented suggesting that the resulting inflows reduced bond and loan interest rates and raised loan supply. There is also evidence of an increased sensitivity of local public bond yields to CDS and EMBI, although the influence of external financial conditions on domestic lending rates has remained subdued. Finally, no evidence is found of a shift in the transmission of domestic monetary policy shocks to public bond and lending interest rates after the increase in foreign participation in the local bond market.eng
dc.format.extent36 páginasspa
dc.format.mimetypePDFspa
dc.identifier.urihttps://repositorio.redinvestigadores.org/handle/Riec/63spa
dc.language.isoengeng
dc.relation.ispartofDocumentos de Trabajospa
dc.relation.numberNo. 44spa
dc.relation.repechttps://ideas.repec.org/p/rie/riecdt/44.htmlspa
dc.relation.urihttp://repositorio.banrep.gov.co/bitstream/handle/20.500.12134/9844/be_1115.pdf?sequence=6&isAllowed=yspa
dc.rights.accessRightsOpen Accesseng
dc.rights.ccAtribucion-NoComercial-CompartirIgual CC BY-NC-SA 4.0spa
dc.rights.spaAcceso abiertospa
dc.rights.urihttps://creativecommons.org/licenses/by-nc-sa/4.0/eng
dc.subject.jelE52 - Monetary Policyeng
dc.subject.jelE58 - Central Banks and Their Policieseng
dc.subject.jelG11 - Portfolio Choice; Investment Decisionseng
dc.subject.jelG19 - General Financial Markets: Othereng
dc.subject.keywordMonetary Policyeng
dc.subject.keywordInterest Rates and Transmission Mechanismeng
dc.subject.keywordPortfolio Choice and Investment Decisionseng
dc.subject.keywordPortfolio inflowseng
dc.subject.lembSistema financiero -- Colombiaspa
dc.subject.lembDeuda pública -- Colombiaspa
dc.subject.lembInversión extranjera -- Colombiaspa
dc.titleEffects of foreign participation in the colombian local public debt market on domestic financial conditionseng
dc.typeWorking papereng
dc.type.hasversionPublished Versioneng
dc.type.spaDocumentos de Trabajospa

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