Efectos de la política monetaria sobre los bienes de renta variable
Authors
Martinez Cortes, Javier Eduardo
Director
Content type
Trabajo de grado - Maestría
Document language
EspañolPublication date
2016-04-01
Journal Title
Journal ISSN
Volume Title
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Abstract
El presente documento busca identificar si existe una relación inmediata entre la política monetaria en Colombia, medida como la variación en la tasa de interés en su porción no esperada por el mercado, y el cambio en los precios de los activos de renta variable en el mercado de acciones colombiano en el periodo comprendido entre 2003 y 2014 y su variación entre diversos sectores. A nivel del mercado general, los resultados indican que existe una relación directa entre las dos variables, lo cual contradice la teoría de mercados eficientes, mientras que a nivel sectorial no es posible determinar heterogeneidad.
Abstract This paper looks for the instant relation between the monetary policy in Colombia, valued by the variation of the government rate interest do not expected by the market, and the change of the price of the national stock in the period between 2003 and 2014 and the differences between sectors. The global market shows a positive relation between the variables, which is against the efficient market theory, whiles a sectorial level is not possible establish heterogeneity.
Abstract This paper looks for the instant relation between the monetary policy in Colombia, valued by the variation of the government rate interest do not expected by the market, and the change of the price of the national stock in the period between 2003 and 2014 and the differences between sectors. The global market shows a positive relation between the variables, which is against the efficient market theory, whiles a sectorial level is not possible establish heterogeneity.