Borradores de Economia
Número:
941
Publicado:
Clasificación JEL:
C58, E44, G11, G14
Palabras clave:
Portfolio Balance Channel, Sovereign Credit Rating, Uncovered Interest Rate Parity, Monetary Trilemma
Lo más reciente
Catalina Granda-Carvajal, Jesús Enrique Morales-Piñero
Elkin Navas-Diago, Jorge Quintero-Otero
Cristian David González-Téllez
In this paper we study exchange rate effects due to shifts in the portfolio composition of the Colombian financial sector during 2003-2014. We first provide a theoretical understanding of the channel's transmission mechanism by modeling how the banking