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Returns and Interest Rate: A Nonlinear Relationship in the Bogota Stock Market

Luis Eduardo
Arango-Thomas
Andrés
González
Carlos Esteban
Posada
Lunes, 1 Enero 2001

This work presents some evidence of the nonlinear and inverse relationship between the share prices on the Bogotá stock market and the interest rate as measured by the interbank loan interest rate, which is to some extent affected by monetary policy. The