<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0120-4483</journal-id>
<journal-title><![CDATA[Ensayos sobre POLÍTICA ECONÓMICA]]></journal-title>
<abbrev-journal-title><![CDATA[Ens. polit. econ.]]></abbrev-journal-title>
<issn>0120-4483</issn>
<publisher>
<publisher-name><![CDATA[Banco de la República]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0120-44832018000200193</article-id>
<article-id pub-id-type="doi">10.32468/espe.8603</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[EFECTOS DIFERENCIALES DE LA TASA DE CAMBIO REAL SOBRE EL COMERCIO MANUFACTURERO EN COLOMBIA]]></article-title>
<article-title xml:lang="en"><![CDATA[INDUSTRY-LEVEL REAL EXCHANGE RATE EFFECTS ON COLOMBIAN MANUFACTURING TRADE FLOWS]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Torres García]]></surname>
<given-names><![CDATA[Alejandro]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Goda]]></surname>
<given-names><![CDATA[Thomas]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Sánchez González]]></surname>
<given-names><![CDATA[Santiago]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Eafit Departamento de Economía ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Colombia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2018</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2018</year>
</pub-date>
<volume>36</volume>
<numero>86</numero>
<fpage>193</fpage>
<lpage>206</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0120-44832018000200193&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0120-44832018000200193&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0120-44832018000200193&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este trabajo es el primero en construir un índice de tasa de cambio real sectorial bilateral (TCRSB) para diecinueve subsectores manufactureros en Colombia, que considera las diferencias de cada uno de ellos en términos de sus socios comerciales y costos relativos internos y externos. Este índice es usado para determinar la importancia de la TCR en la dinámica de las exportaciones e importaciones de cada subsector para el período 2006-2013. Los resultados muestran, en primer lugar, que existe una alta heterogeneidad subsectorial en términos del comportamiento de sus respectivas TCRSB; en segundo lugar, la importancia de la TCRSB como determinante de los flujos de comercio internacional manufacturero colombiano y, finalmente, la heterogeneidad de sus sensibilidades con respecto a esta tasa. Con el fin de verificar la bondad de estas estimaciones, se hacen dos estimaciones alternativas usando índices de TCR agregados (índice de TCR bilateral y de TCR sectorial), encontrando que ninguno de ellos logra mejorar el desempeño de la TCRSB. Clasificación JEL: F14, F19, F31, O11.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This paper is the first to construct bilateral sector-specific real effective exchange rate indices (TCRSB) for 19 manufacturing sectors in Colombia, which consider sectoral differences in terms of commercial partners and relative cost differences. These indices are used to determine the importance of the real effective exchange rate (REER) to explain sectoral export and import dynamics over the period 2006 to 2013. The results indicate a significant heterogeneity between the sectors in terms of changes in the TCRSB; the importance of the TCRSB to explain changes in Colombia&#8217;s manufacturing trade flows; and relevant differences in the price elasticity of the distinct sectors. When comparing these results with those obtained when using aggregate REER indices (i.e. a bilateral and sectoral REER index), we find that neither of these improves the performance of the TCRSB. JEL Classification: F14, F19, F31, O11.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Tasa de cambio real]]></kwd>
<kwd lng="es"><![CDATA[Exportaciones]]></kwd>
<kwd lng="es"><![CDATA[Importaciones]]></kwd>
<kwd lng="es"><![CDATA[Comercio internacional]]></kwd>
<kwd lng="en"><![CDATA[Real effective exchange rates (REER)]]></kwd>
<kwd lng="en"><![CDATA[Exports,]]></kwd>
<kwd lng="en"><![CDATA[Imports]]></kwd>
<kwd lng="en"><![CDATA[Trade]]></kwd>
<kwd lng="en"><![CDATA[Colombia]]></kwd>
</kwd-group>
</article-meta>
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