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Transmisión Crediticia, Liquidez y Capital Bancario en Colombia

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  • Sergio Clavijo

Abstract

Este documento analiza efectos de la política monetaria expansiva global sobre la velocidad de transmisión crediticia (esto es, la forma en que la repo del banco central afecta el costo final crediticio). El desafío bancario actual consiste en balancear, de una parte, la competencia bancaria que tiende a acelerar dicha transmisión y, de otra parte, los riesgos de contraparte-crediticia. En Colombia, esa velocidad de transmisión crediticia ha sido rápida en cartera corporativa, pero lenta en cartera de consumo, donde en ésta última los plazos se han ido extendiendo (a 6 anos) y prevalecen contrataciones a tasas fijas (en un 87%). Así, la profundización de instrumentos de cobertura como los swaps de tasas de interés y la mejor combinación entre el "mercado mostrador" (OTC) y "registro-BVC" ayudarían en agilizar dicha transmisión. También ayudaría la mayor flotación en tasas de interés atadas al IBR, y menos a DTF, tanto en mercado monetario como en mercado de capitales, en línea con el movimiento global de la LIBOR a SOFR. Pero consolidar esta profundización en mercados locales requiere que Colombia logre preservar su "grado de inversión" en 2021-2022. La compresión en margen de intermediación bancaria, el potencial deterioro de la cartera y las mayores exigencias en índices de liquidez de mediano plazo y capital disponible (tier-1) constituyen importantes desafíos en el inmediato futuro. Colombia se ha destacado por su ágil acoplamiento a las exigencias regulatorias a nivel regional, durante 2017-2020, contándose dentro del 42% de la banca regional con estándar Basilea III. No obstante, a Colombia le restan tareas en depuración de capital. Con menores utilidades disponibles durante 2021-2022, por efectos de la pandemia-Covid, la banca que opera en Colombia tendrá exigentes tareas para balancear riesgos de contra-parte crediticia con mayor exigencia de liquidez y capital bancario.

Suggested Citation

  • Sergio Clavijo, 2021. "Transmisión Crediticia, Liquidez y Capital Bancario en Colombia," Documentos CEDE 19156, Universidad de los Andes, Facultad de Economía, CEDE.
    • Handle: RePEc:col:000089:019156
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    File URL: https://repositorio.uniandes.edu.co/bitstream/handle/1992/49781/dcede2021-20.pdf
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    References listed on IDEAS

    as
    1. Kyungmin Kim & Thomas Laubach & Min Wei, 2020. "Macroeconomic Effects of Large-Scale Asset Purchases: New Evidence," Finance and Economics Discussion Series 2020-047, Board of Governors of the Federal Reserve System (U.S.).
    2. Galindo, Arturo J. & Steiner, Roberto, 2022. "Asymmetric interest rate transmission in an inflation-targeting framework: The case of Colombia," Latin American Journal of Central Banking (previously Monetaria), Elsevier, vol. 3(3).
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    More about this item

    Keywords

    Intereses; política monetaria; instituciones financieras de América Latina.;
    All these keywords.

    JEL classification:

    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • N26 - Economic History - - Financial Markets and Institutions - - - Latin America; Caribbean

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