TY  - THES 
TI  - Impacto de la política monetaria y la actividad económica en el mercado accionario de Colombia
PB  - Universidad Icesi
PY  - 2012
UR  - http://hdl.handle.net/10906/67912
AB  - The objective of this document is to identify the impact of monetary policy and the level of economic activity in the Colombian stock market.
Using a VAR model and its corresponding analysis of variance decomposition and impulse response functions, we analyze the impact and interdependence between the variables involved in the system for the period between July 2001 and June 2011.
The variance´s decomposition analysis, shows significant findings and sometimes disconcerting, like, are the increases in the producer price index (IPP) and the industrial production index (IPI), which explains even after five years by more than 40% the variance in the Colombian stock prices, rather, increases in the Republic Bank intervention´s interest rate (TISE) and inflation (IPC), which move the stock market´s variance in Colombia, as most think.
In fact increases in the IPC never become relevant in explaining the movements of the stock market and just a year later, an increased rate of intervention by the monetary authority can explain only 11% of the share price’s movement in the stock market, over time effect is lost.
KW  - FACULTAD DE CIENCIAS ADMINISTRATIVAS Y ECONÓMICAS
KW  - PRODUCCIÓN INTELECTUAL REGISTRADA - UNIVERSIDAD ICESI
KW  - MAESTRIA EN FINANZAS-TESIS
KW  - POLÍTICA MONETARIA
KW  - COLOMBIA
KW  - MERCADO DE VALORES
KW  - ACCIONES (BOLSA)
KW  - ACTIVIDAD ECONÓMICA
KW  - STOCK MARKET
KW  - MONETARY POLICY EFFECT
KW  - Economía
KW  - Economics
ER  -