Resumo

VARGAS, Hernando; HAMANN, Franz  e  GONZALEZ, Andrés. Effects of Monetary Policy on Interest Rates of Mortgage Loans in Colombia. Desarro. soc. [online]. 2010, n.66, pp.45-64. ISSN 0120-3584.

This article presents a quantitative analysis of the impact central bank monetary policy on interest rates of mortgage loans, both long and short term. First, the econometric results confirm the existence of a cointegrating relationship, as found before by Galindo and Hofstetter (2008) between the interest rate mortgage loans (TICH) and yields central bank public debt securities (TES). Unlike this study, we conclude that in the long term the relationship between the two rates is one to one. Therefore, both monetary policy (through a low and credible inflation target) and fiscal policy (through greater fiscal solvency) can help reduce long-term TICH. Second, in the short term an innovation central bank 100 basis points to interest rate policy of the central bank is transmitted to the spread TICH-TES with a lag of six to ten months and has a maximum of 50 -60 bp, after controlling for its effects on other macroeconomic variables.

Palavras-chave : Monetary policy; interest rates; mortgage loans; Colombia.

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